ANALYSIS: Today's 'full employment' is not what John Curtin had in mind
The definitional change allowed the RBA to continue to meet its original mandate on paper, while adapting to the new economic reality.Before the coronavirus hit, the RBA was saying "full employment" for Australia's labour market was an unemployment rate of 4 or 5 per cent, perhaps a bit lower than 4 per cent.
It's something to bear in mind when the Australian Bureau of Statistics releases its monthly unemployment data on Thursday. The official unemployment rate has risen from 5.2 per cent in March, to 6.4 per cent in April, and to 7.1 per cent in May. Under the expanded definition, the unemployment rate would have been 11.7 per cent in April and 9.5 per cent in May.
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