Terry McCrann: Australia’s real unemployment is 20%


Following Roy Morgan’s 14.5% unemployment estimate for June:

Terry McCrann has ripped into the Australian Bureau of Statistics’ (ABS) “fake” unemployment rate of 7.1%, which McCrann argues is probably closer to 20%:

Right now, the ABS is still trumpeting a ludicrously fake 7.1 per cent jobless rate in pride of place at the top of its home page; and will replace it with another ludicrously fake number in two weeks.

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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.