GJOESQ: What these countries have in common is their minimum wage, it is ZERO. Yes, you read that correctly- they have NO MANDATORY MINIMUM WAGE!* !

Whey they have instead is a bargaining system where employees by way of their unions with collective bargaining enter into agreements with their employers (most commonly at the nation wide sector level) and the government enforces these agreements. But their governments don't dictate terms!! Governments in these countries stay well clear of interfering with these arrangements.

There are other countries in Europe which basically have no minimum wage: eg, Austria, Finland and others. But by far the most enlightening case study is Liechtenstein, cause not only does it have no minimum wage it also has one of the lowest personal and company tax rates of the first world. And yet it has one of the lowest unemployment rates of the world, the highest GDP per person in both nominal and PPP (depending on which organisation is listing it- but all lists I've seen put it in the top 5), one of the flattest income/or/wealth distributions and one of the highest standard of living. Remarkably it achieves all this while having some of the worst possible geographical features- ie, it is a doubly land-locked, mountainous alpine, cold snowy/rainy cloudy winter and cloudy cool-moderately warm summer climate and bugger-all extractable mineral resources.

*(at the top governmental level- although some do have some lower government set minimum wages in various regions for some economic sectors of their country

thinkabit, yes, you are correct that Lichtenstein has one of the highest standards of living across the globe. However, it’s important to note that this comes with the trade-off of an extremely high cost of living. Also, much of the country’s wealth can be attributed to its status as a tax haven.

Can you please outline how the rather unique situation of Lichtenstein can be equated with an equally unique, if such a concept is valid, Australia and what our governments can do to follow Lichtenstein’s succes and guarantee the same results.

GJOESQ, according to the likes of hasbeen we haven't had good government since they freed the slaves down on the ole' plantation.

Look at this nonsense from the 'Master of Mirh' himself; "bureaucrats are over paid by a factor of about 100, & a huge percentage of the general work force is overpaid by at least a factor of 10."

Hassy, by your own calculations, in your lifetime by what factor were you overpaid?

"Waffle" by Paul, a true bureaucrat.

GJOESQ: You say: "However, it’s important to note that this comes with the trade-off of an extremely high cost of living."

No, it's not really relevant nor important to note this because even though they have an "extremely high cost of living" their wages/salary/incomes more than offset this cost. That is why is specifically I mentioned that they had the highest (according to some) GDP per capita on a PPP basis. The PPP (purchasing power parity) basis accounts for this. See the 2017 CIA compiled GDP/person list, https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_capita , and observe that Lichtenstein according to the CIA is at the top at a whopping 139,000Int$.

You have also mentioned that Lichtenstein's economic circumstances are unique. And with this I fully agree- there certainly are few other countries with a comparable wealthy population. But the question is to ask is why they are this way. And the answer is because they have something that it extremely rare in this world: a government that knows how to and actually does create conditions for business to thrive. Their wealth isn't an accident but is the result of planned far seeing government policy and also from a citizenry that is financial savvy and wise.

A perfect example of why many Australians aren't doing as well as them is from the very of comment you make about it being a tax haven. You say this as though is it a bad thing and that it should be shunned. This sort of short-sighted envious attitude is very common amongst those who complain a lot about how tough life is here and how the system is rigged so that the richer get richer and that government should be doing more for them and not the rich.
However, you will find that the majority of the population of Lichenstein are fully aware of the tax advantages that their country offers to the world's richest but they embraces it as a good thing! The population is willing for it to be so because they know that this contributes to what makes them themselves wealthy!

who does not want to earn, the care of him will not be saved