Watch live: Michele Bullock says she is still analysing Wednesday’s CPI print and won’t be drawn on the implications for interest rates; shares fall; US tech stocks dive after earnings shortfall from Alphabet. Follow here for more.
Michele Bullock has rejected a comparison to millionaire property developer Tim Gurner, who last month said unemployment had to jump by 40 to 50 per cent to “remind people that they work for the employer”. “But isn’t essentially that economic project … comparable to the RBA’s tolerance of increased unemployment to discipline inflation?,” Greens Senator Barbara Pocock asked Bullock, alluding to the RBA’s forecast unemployment will increase to 4.5 per cent from 3.6 per cent.
Bullock says she is forecasting employment will continue to grow, but it just won’t grow as quickly as the workforce. “So the mechanical outcome of that is that the unemployment rate rises,” Bullock says. Mr Gurner told The Australian Financial Review Property Summit last month that people had “decided they didn’t really want to work so much any more through COVID” in a discussion about productivity in the construction sector. “Unemployment has to jump 40 to 50 per cent in my view.
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