people of Australia..... and will best
             contribute to the stability of the currency of Australia, the maintenance of full
             employment in Australia and the economic prosperity of Australia"1. (Reserve Bank Act
             1959). Before 1960, the role of the RBA was performed by the CBA. The CBA was
             established in 1911 to regulate the banking sector that saw widespread failures in the
             1890's which caused the closure of fifty-four of sixty-four banks across Australia (Lewis
             & Wallace). As North's statement suggests, institutions are devised by human
             admission, shown by the introduction of the CBA in 1911 and RBA in 1960. Institutional
             intervention in the financial market has been for the protection and prosperity of those
             organisations and community groups involved.
             As with the financial market, institutional organisations in the labour market were
             formed by people looking to protect the interests of those involved in the market.
             Institutions have traditionally played a key role in the Australian labour market in
             determining wage rates and employment levels. The key institutions within the labour
             market are employer association and trade unions. Employer associations were created
             by individual businesses concerned with protecting themselves against overseas
             competitors and more importantly against the might of unions. Trade unions are
             concerned with the "defence of employee interests and administration of
             ...