I suspect that, with the economic tide turning and automation coming, these are the lowest unemployment percentages we will ever see in Australia.
Such is the harsh reality of post-Keynesian economics. The concept of the NAIRU is that there needs to be some sacrificial lambs, who are out of work, to save the rest from inflation and further interest rate rises. When there are too many people in the lifeboat, it sinks and so some need to be struggling in the water and lighten the load.
Does it need to be like that? How can you say that unemployment is too low and also pay unemployed people a s**t ty benefit that doesn't allow them to look for work? Has the latest spell of low unemployment and rising inflation 'proven' that the NAIRU in Australia is somewhere above 4%? Some analysis has indicated that wages have little to do with the current inflation issue, that's it's imported inflation and profiteering. How accurate is that analysis?
Such is the harsh reality of post-Keynesian economics. The concept of the NAIRU is that there needs to be some sacrificial lambs, who are out of work, to save the rest from inflation and further interest rate rises. When there are too many people in the lifeboat, it sinks and so some need to be struggling in the water and lighten the load.
Does it need to be like that? How can you say that unemployment is too low and also pay unemployed people a s**t ty benefit that doesn't allow them to look for work? Has the latest spell of low unemployment and rising inflation 'proven' that the NAIRU in Australia is somewhere above 4%? Some analysis has indicated that wages have little to do with the current inflation issue, that's it's imported inflation and profiteering. How accurate is that analysis?