The latest ABS job figures are interesting. And also misleading.
According to the ABS, unemployment is down to 5.7%. Yet, according to the Roy Morgan poll, unemployment sits at 11%. And 18.8% of the workforce is either unemployed or under-employed.
ABS figures are under question and it is worth visiting the Roy Morgan site to understand why. As it says on the website, “Roy Morgan measures real unemployment in Australia, not the perception of unemployment.”
So why is this important?
Because 5.7% unemployment doesn’t sound too bad. And even suggests the country could be heading in the right direction.
But 18.8% sounds like a big problem. And suggests that we are heading in the wrong direction. Because 18.9% means less tax, less discretionary spending, less confidence, less opportunity and we need to do something about it....