ACTU secretary Sally McManus said the central bank had tolerated the unemployment rate at too high a level.
Treasurer Jim Chalmers has defended remarks by the incoming Reserve Bank of Australia governor that more workers will have to lose their jobs before the economy becomes more “sustainable”, amid a renewed political debate over how best to tame inflation.
However, Australian Council of Trade Unions secretary Sally McManus said the central bank had tolerated the unemployment rate at too high a level in the past, and that the drivers of inflation needed to be properly identified.Asked whether he agreed with Bullock’s remarks, Chalmers on Sunday said he uses “different words to describe it” but defended the incoming RBA chief.
He also said there was a debate among economists about what constituted full employment, including “whether it’s around 4.5 per cent or a little bit lower than that”.
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