Beyond the unemployment rate: three new measures of labour under utilisation for South Australia
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"The official Australian unemployment rate is presently about five per cent and set to fall further. In South Australia the unemployment rate is somewhat higher, a little over six per cent. Nevertheless, it is the lowest that it has been in a generation. However, this paper reevaluates the experiences of the South Australian labour market over the course of the last business cycle, using three new measures of labour under-utilisation. These new labour market indicators are calculated using data obtained from the monthly Labour Force Survey. The paper argues that the official unemployment rate greatly under-estimates the level of labour under-utilisation in South Australia. The real level of labour under-utilisation in South Australia has fallen little since the trough of the last recession was attained in 1993. This under-estimation of the extent of labour under-utilisation in South Australia has serious implications for industry and employment policy in South Australia."