The RBA’s policy deliberately creates unemployment. So why do we treat the jobless so badly?
- Written by Warwick Smith, Honorary Fellow, School of Social and Political Sciences, The University of Melbourne
The Reserve Bank of Australia (RBA) will look at the latest unemployment figures – 4.3%, roughly 650,000 people out of work – and see a labour market that is still “too tight”.
In other words, not enough people are unemployed for inflation to come down. Although that figure reflects almost none of the economic fallout from...
