Kaboom
You have been reading political propaganda and the Herald Sun again.
In reality an economy that has 4.% unemployment is considred to be in full employment.
You got that correct. And, if we really only
had 4% unemployment, it would be fantastic.
What we
do have is the statistical machine juggled over the past two decades (non-homogenous data if you are purist) so that the unemployed statistic is artificially reduced by altering the ability to register. Fact. Ably assisted by the increase in casual and part-time and contract term jobs at the expense of long term full time employment. (how do you plan your house repayment strategy on a 1 year contract?)
Then you have a massive and increasing pool of "unemployed" - the retirees, many paying no tax to drive the Government juggernaut.
And in the mature agers particularly 40+ retrenched or reduced without payout you have a substantial group desperate for work that cannot get it - nor register for unemployment in many cases.
Chimbu is not being at all hysterical - rather, a realist. We get the Government we deserve and the great Oz public is quite happy to live in a fools paradise under either party. I don't think our economy is sound - it's based on selling holes in the ground at ridiculous cheap pricing and with a limited lifespan - for me, the AUD does not have a very bright future.