Australia's minimum wage is $15 australian or $15.30 US at an exchange rate of $1.02 US dollar per $1 Australian. That would guarantee mass unemployment, right? Not in Australia.
Australia's unemployment rate in February was 5%. How could it be?
First, Australia's as well as Canada's banks were tightly regulated and did not implode on September 15, 2008 when Lehman brothers went bankrupt, causing US credit markets to shut, pushing US job loss to 500,000 in October 2008 and over 700,000 in just January 2009.
Second, Australia's mineral resources, coal, gold, and more, are booming due to Asian demand.
If you have other possible explanations for Australia's low unemployment and/or the highest minimum wage in the world, please provide a comment.