McCrann: ABS unemployment rate ‘fake’

Terry McCrann has launched a stinging attack on the ABS’ official unemployment figures, effectively calling them ‘fake’ and claiming the real figure is more like 30% in the private sector:

In the new post-virus world — if indeed we ever get to that world — the ABS, if it ever wants to be taken seriously again, is going to have to ditch its existing ludicrous methods for measuring employment and joblessness.

They have been rigidly applied now for decades, with the only justification that all the major countries do it the same way for “international comparativeness”. They were already ridiculous 30 years ago; they are beyond ridicule now…