In terms of jobs growth, Australia is performing about the average of other developed countries, such as Japan and Germany, with just under 1 per cent expansion, and we are doing better than the US, which has only 0.6 per cent growth. Iceland and Ireland are the leaders, growing jobs at more than 3 per cent, but they are coming from a much lower base. In the UK, jobs are growing again, up 1.5 per cent in 2014. According to Organisation for Economic Co-operation and Development (OECD) figures, jobs in Greece and Spain are still in free-fall, particularly for younger people.
How do Australians’ rates of pay compare with those of workers of other nations? Actually, we are paid comparatively well. When wages are compared and adjusted for exchange rates, Australia comes near the top of the league table, earning an average of $US77,000 ($83,350) a year. The Swiss are the best paid at $US90,000. Surprisingly, we have average higher rates of pay than the US at $US55,000, the Germans at $US45,000. and Britain at $US51,000. Australians have a much higher rate of pay than Koreans at $US29,000 and about 10 times the Chinese average pay of $US7500. The low rates of pay in China mean it is much cheaper to manufacture goods there compared with manufacturing in Australia and the US.