Contemporary Microeconomic Management Objectives of Government Microeconomic Policy In this subtopic the rationale for government involvement in setting microeconomic policy is examined. The interaction between microeconomic performance and Australia's economic performance in global terms is reviewed and the concepts of economic efficiency are revisited. Since the early 1980's, Government microeconomic policy has been directed towards establishing an environment or a framework within the economy, which is likely to result in competitive outcomes. Why is competition …showed first 75 words of 2212 total…

…showed last 75 words of 2212 total…associated rates of pay. Enterprise bargaining is the process whereby employers negotiate these issues directly with their employees. The benefits are a more flexible labour force that is tailored to the needs of the business and of the workers within those businesses. In addition, governments have focussed attention on the skills needs of the Australian workforce. In order to meet the needs of industry, on-the-job and more formal education and training programs have been encouraged.