Labor needs more than small-target ‘Hollowmen’ policies to keep the jobless rate sustainably low without pushing up inflation and help the Reserve Bank.
Jim Chalmers wants to reduce the non-inflationary jobless rate so 2.8 million people who are not working, or wanting to work more hours, can bolster the labour market and improve their wellbeing.
Labor’s industrial relations changes to bolster union power, expand multi-employer bargaining and crack down on labour hire and casual work will, if anything, increase the NAIRU by making the labour market less flexible. As former RBA governor Philip Lowe repeatedly warned, falling productivity and rising nominal wages are pushing up the real cost of producing goods and services and making it harder to engineer a return to the 2 per cent-to-3 per cent inflation target.7.
A national skills passport will be road-tested to connect workers looking for a new job with employers seeking candidates with specific qualifications. These are all reasonable, albeit small-target, policies. But they amount to little more than business-as-usual activities of government and similar to past initiatives by Labor and Liberal governments.
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