Is ABS unemployment accurately capturing immigration?

The past year has recorded the largest ever increase in Australia’s civilian population, with a record 601,000 (+2.8%) people aged 15-plus added to the economy:

Over the same time, Australia’s economy has plunged into a per capita recession, following two consecutive 0.3% declines in output per head over the March and June quarters.

The record growth in the labour supply combined with the slowing economy has pushed job advertisements lower, and driven the number of applicants per job ad way above pre-pandemic levels, according to SEEK:

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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.