The federal government will redefine 'full employment' to reflect a modern labour market, the Employment White Paper has found

It says discussions of full employment have been too often narrowly focused on statistical estimates — such as the non-accelerating inflation rate of unemployment .

For example, the unemployment rate has been sitting near a 50-year low for the last 12 months , and some economists have been pointing to their current estimate of the NAIRU to suggest that the unemployment rate is far too low, saying it needs to rise to 4.5 per cent to where full employment really is.

It says everyone who wants a job should be able to find one without searching for too long, and people need decent jobs that are secure and fairly paid. It recognises that the quality of a job and having enough hours of work matters to people.this refers to using different policies to reduce volatility in economic cycles and keep employment as close as possible to the current maximum sustainable level of employment that is consistent with low and stable inflation.

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Employment White Paper is about a ‘more inclusive labour market’ in AustraliaTreasurer Jim Chalmers says the Employment White Paper is all about a “more dynamic and more inclusive labour market” in Australia. Mr Chalmers discussed the release of the Employment White Paper with Sky News host Kieran Gilbert. “Where our workers and our employers are beneficiaries of the big changes underway in our economy and our society,” Mr Chalmers told Sky News Australia. The Treasurer acknowledged what people will see with the release of the white paper is it will be “putting workers and employers front and centre”. “Seeing how we can work together to create the kind of labour market where our people are the major beneficiaries of the changes underway,” he said. The Employment White Paper is set to be released on Monday.
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