Is Australia’s unemployment rate ‘fake’?

Advertisement

By Leith van Onselen

The Australian’s Adam Creighton has launched a stinging attack on the ABS’ official unemployment figures, effectively calling them ‘fake’ and claiming the real figure is more like 15%:

The official national jobless rate fell to 5.7 per cent last week, prompting perfunctory cheers. But the reality is that more than 2.26 million Australians of working age can’t find work, far more than the 732,000 suggested in April’s figures.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.