[ inaccurate ABS figure] “These figures strongly suggest that the ABS – which today announced Australian unemployment at 5.8% (down 0.3%) – massively understates Australia’s real unemployment. The more accurate Roy Morgan March unemployment figure (11.6%) provides a truer picture of the state of the Australian labour market. The understatement of unemployment by the ABS creates its own problems. Government policies and RBA decisions must be based on the real level of unemployment and underemployment in Australia not based on the clearly wrong artificially low ABS figure. Tragically for all Australians, the Reserve Bank of Australia relies on the inaccurate ABS figure to justify keeping Australian interest rates amongst the highest in the developed world - so misguided as this is the reason for the inflated value of the Australian Dollar.
Posted on: Fri, 11 Apr 2014 23:53:29 +0000
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