Exclusive. Top economists back budget push for an unemployment rate beginning with '4'
- Written by Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University
Australia’s top economists have overwhelmingly backed a decision by Treasurer Josh Frydenberg to reset the budget strategy so that it prioritises achieving an unemployment rate of between 4% and 5% over reducing debt.
Australia hasn’t had an unemployment rate below 5% since 2011.
It hasn’t had an unemployment rate below 4% since the early 1970s.
Unemployment rate, per cent
- ^ reset the budget strategy (theconversation.com)
- ^ early 1970s (melbourneinstitute.unimelb.edu.au)
- ^ ABS labour force survey (www.abs.gov.au)
- ^ fiscal strategy (theconversation.com)
- ^ Josh Frydenberg has the opportunity to transform Australia, permanently lowering unemployment (theconversation.com)
- ^ comfortably below 6% (cdn.theconversation.com)
- ^ Thursday (ministers.treasury.gov.au)
- ^ CC BY-ND (creativecommons.org)
- ^ global financial crisis (research.treasury.gov.au)
- ^ United States (fred.stlouisfed.org)
- ^ Treasury (treasury.gov.au)
- ^ Reserve Bank (www.rba.gov.au)
- ^ all-time low (www.abs.gov.au)
- ^ Jobs for men have barely grown since the COVID recession. What matters now is what we do about it (theconversation.com)
- ^ Parliamentary Budget Office (www.aph.gov.au)
- ^ Should the government keep running up debt to get us out of the crisis? Overwhelmingly, economists say yes (theconversation.com)
Authors: Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University
Read more https://theconversation.com/exclusive-top-economists-back-budget-push-for-an-unemployment-rate-beginning-with-4-159989