Federal treasurer Jim Chalmers must ask the new Reserve Bank governor to accept an employment target the government has determined as the embodiment of the fine ambitions expressed in its white paper.
My trouble is I’m too nice. I’m too reluctant to tell people when I think they’re not trying hard enough. If I had time over again, I’d be tougher on nice young Treasurer Jim Chalmers and his white paper on employment.
Essentially, his argument for setting a target is that “what gets measured gets done”. And he’s dead right. This is not about economic theory, it’s about the practicalities of not just having ambitions, but making sure you have your best shot at achieving them. Last week, one of the nation’s leading labour market economists, Professor Jeff Borland of Melbourne University,. He doesn’t agree that the white paper was the right place for the government to nominate a specific numerical target.
So Borland accepts the government’s argument that, rather than relying solely on estimates of the NAIRU, “policymakers need a broad suite of measures to gauge the extent of current underutilisation ” and whether the labour market is close to the current maximum sustainable level of employment. He quotes what the white paper says on the matter. The objective is to “keep employment as close as possible to the current maximum sustainable level of employment that is consistent with low and stable inflation”.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chalmers should give the RBA an employment targetFederal treasurer Jim Chalmers must ask the new Reserve Bank governor to accept an employment target the government has determined as the embodiment of the fine ambitions expressed in its white paper.
Read more »
Before the Bell: ASX to fall, RBA in focus, US reporting season acceleratesAustralian shares are poised for an opening loss with geopolitics in focus, as well as oil and gold.
Read more »
ASX 200 LIVE: ASX to fall, RBA in focus this week, volatility in spotlightAustralian shares are set to open lower with geopolitics risks high, as reflected in oil and gold prices. US reporting season gathers pace. Follow updates here.
Read more »
Manchester United board to vote on Sir Jim Ratcliffe’s bid for 25% shareAfter Sheikh Jassim withdrew his offer, the Glazers are expected to decide on the British billionaire’s minority bid
Read more »
Jim Jordan begins pressure campaign for US Speaker jobSeveral of the legislator’s supporters have posted phone numbers of GOP lawmakers they count as holdouts, encouraging followers to call the Capitol switchboard.
Read more »
Australia news LIVE: Voice campaign fails in Australia; Economist warns population surge could keep rates highThe Voice campaign failed with demographics playing a role, the RBA may keep rates higher because of population growth and Uber warns of price rises under new IR laws.
Read more »