Can Australia Learn from Austria About Incomes Policies?

Abstract

The notion of incomes policies remains contentious, despite many years of ex perimentation in a number of different countries. A few commentators are now distinguishing between `temporary' and 'permanent' forms of such policies, an example of the latter being presented in this article. It is argued that a working system of permanent incomes policies has been developed in Austria through a broadly based 'social partnership', which has led to a good deal of political and economic consensus. Evidence is adduced to suggest that, on a number of grounds, this system can be said to have successfully combated stagflation. It is hypothesised that at least six basic prerequisites are essential for the establishment of a permanent social-contract-based incomes policy, and although Austria has accomplished all of these, in Australia they are seriously under-developed. Recent Australian developments are pointing in the right direction, but there is a long way to go.

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