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Reserve Bank and Treasury admit ‘full employment’ is not what they thought it was. And it’s held the country back – ABC News
Treasurer Josh Frydenberg wants the unemployment rate to fall below 5 per cent, but one economist says that still won’t be enough, writes Gareth Hutchens.
When a glacier shifts a few inches, a gigantic movement has still occurred.
What we’ve seen from Australia’s economic officials in recent months is an admission that their analytical models have been letting the country down.
Both the Reserve Bank and Treasury have admitted what they thought was “full employment” in Australia was not, in fact, full employment.
That means the federal government’s Budget strategy has also been based on numbers that haven’t been correct.
The unemployment rate could…
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