Genius RBA realises there’s an excess of labour

Wednesday 21 May 2025

Australia is a kind of mind-moulding autocracy in which the words “immigration” and “racist” are interchangeable.

At the zenith of this ersatz society sits a central bank that is paid to do one job and one job only: never mention the word “immigration”.

In an immigration-led labour market expansion economy, it is therefore entirely predictable that the central bank is permanently wrong.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.