Governments, Treasury officials and RBA forecasters all work in sheltered workshops

Original article by P.D Jonson
The Australian Financial Review – Page: 34 : 29-Nov-17

In developed nations, governments have opted for definitions of unemployment that make things look better than they really are. For over a decade, Roy Morgan (and myself) have been pointing this out. The latest Roy Morgan survey shows 2.3 million Australians unemployed or underemployed. In percentages of the workforce, this is 9.5 per cent unemployed and 8.5 per cent under-employed, well above the official 5.4 per cent unemployment figure. Hardly shooting the lights out. One might be tempted to imagine that governments, Treasury officials and RBA forecasters all work in sheltered workshops and are the last to accept messages that run against their workshop’s findings. Indeed, their proven blindness has larger consequences. Click for PDF version.

CORPORATES
ROY MORGAN RESEARCH LIMITED, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

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