The government has a new definition of full employment, but will it make any difference, asks Gareth Hutchens.
So, the paper says the Reserve Bank will continue to use its too-narrow concept of full employment to make decisions about monetary policy, but the government will try very hard to remove supply-side barriers to employment to help structural unemployment decline over time.
"Despite its many successes, the Australian economy has rarely achieved full employment for extended periods and there have been prolonged periods when the available labour force was under-utilised to a much greater extent than it is today," it says. And he said Commonwealth and State governments had to accept responsibility for stimulating spending on goods and services to the extent necessary to sustain full employment, because the welfare of everyone depended on it:
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