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Today Terry McCrann in his daily Herald-Sun column says: “Inflation hawks gone soft”

Terry McCann’s article is in response to Henry Thornton’s Friday April 25, 2008 article “Could be death of inflation targets”

Today I sent the attached letter to Terry McCrann pointing out:

“The RBA has been “instructed” by the Government to take into account inflation and employment — the way the RBA is going they will put Australia into a recession we “don’t have to have” — with “masses” more unemployed and underemployed FULL STOP……..”

 

“Your article today has only taken into account the “very questionable” ABS CPI figure; you have not taken into account the large number of underemployed and unemployed……….”

 

“Work Choices” type legislation and a less regulated labour market is the only way forward, NOT what is being proposed by Julia Gillard and the Rudd Government……….”

Apart from Michele Levine’s March 14, 2008 address to the National Press Club “The Fantasy of Full Employment" there have been two other serious papers measuring unemployment and the associated problems with the ABS unemployment estimate, namely:

Martin Feil, The Age —   “Figures that just don't add up”, April 8, 2008

Tim Colebatch, The Age —  “Frontier of full employment is a long way off”, February 18, 2008

Each Quarter Roy Morgan Research publishes the “true” unemployment estimate. 

It is time “true” unemployment is considered by the RBA when setting interest rates - putting up interest rates is only making the “true” unemployment situation much worse.

Gary Morgan

Executive Chairman

Roy Morgan Research

To read the full Terry McCrann article “Inflation hawks gone soft” please see the article here.

 

For further information:

Gary Morgan:      Office +61 3 9224 5213   Mobile +61 411 129 094

 

Michele Levine:    Office +61 3 9224 5215   Mobile +61 411 129 093

 

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