In an economy, the labour market is known as a factor market as it involves the selling of labour, one of the four factors of production, to employers in return for income. The Australian labour market is very dynamic, responding to technological, economic, demographic and social changes which affect the demand and supply of labour at macroeconomic and microeconomic levels. Over the last decade, the Australian labour market has experienced many changes in terms of trends in employment and unemployment. Unemployment is the situation where some people are willing and able to work, but are unable to find paid employment. To be classified as unemployed, a person must be over the age of 15, without a job, or stood down from a job without pay, but be actively seeking full-time or part time work. Economically, unemployment is a situation where labour supply exceeds labour demand. The excess or shortage...