Australia’s top economists have overwhelmingly backed a decision by Treasurer Josh Frydenberg to reset the budget strategy so that it prioritises achieving an unemployment rate of between 4% and 5% over reducing debt.
Australia hasn’t had an unemployment rate below 5% since 2011.
It hasn’t had an unemployment rate below 4% since the early 1970s.
Unemployment rate, per cent
Authors: Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University