Take one look at the economic climate and you’ll note that the price of labor appears to be rising. This is making it harder for businesses to keep costs down, offer products and services at an attractive price and make a profit.
In fact, some businesses are struggling to stay afloat due to the ever increasing cost of labor.
What you may be surprised to learn is that labor costs in Australia have actually grown at twice the pace of other OECD countries.
Yet the rate of unemployment in Australia is still growing potentially leaving you to wonder how the cost of labor is continuing to increase.