Scott Morrison welcomes news as labour market at Reserve Bank’s definition of ‘full employment’
Australia’s unemployment rate is falling faster than anticipated, dropping sharply to 5% last month.
The larger than expected decline in unemployment means the labour market is now meeting the Reserve Bank’s definition of “full employment”, the so-called non-accelerating-inflation rate of unemployment (NAIRU), though economists say it may still not be enough to spark noticeable wage rises.
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