Lunatic RBA spins jobs hopium

By in Australian Economy

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Chief Lunatic, Philip Lowe, says he is in full agreement with Treasurer Josh Frydenberg’s view that the Australian economy remains sound. Lowe and Frydenberg met for two hours in Melbourne on 11 July. Lowe said after the meeting that it was a “remarkable achievement” that more Australians have a job now than at any previous time in the country’s history. From The Australian:

Reserve Bank governor Philip Lowe has delivered a sweeping endorsement of the federal government’s economic plan, declaring the economy is growing and the fundamentals “are strong… more Australians have jobs today than ever before in Australian history. That’s a remarkable achievement”.

Yeah, the economy is so strong that the RBA has been forced to slash rates to record lows, with more to come.

The economy is so strong that both underemployment and labour underutilisation are near record levels and rising once more:

And job ads are crashing:

The economy is so strong that real household disposable income has been falling for years on end:

And the Australian economy is now effectively a ward of the state, with the public sector driving both demand and jobs growth:

As for Lunatic Lowe’s claim that “more Australians have jobs today than ever before in Australian history”, that’s no “remarkable achievement”. Australia’s population has been growing like a science experiment – by more than 400,000 people last year alone – due to the government’s mass immigration program:

Thus, every year the number of people employed has to increase to record highs just to keep pace.

Lunatic Lowe is little more than a confidence trickster shining up shit and passing it off as gold.

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