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The New Daily

Politics

Michael Pascoe

HISTORICAL FACTS: Michael pascoe everyone was wrong about wages and they may be again - Caught on Camera

Michael Pascoe NAIRU Luci Ellis RBA Unemployment Inflation Economy Reserve Bank

Fears of a wage-price spiral are overblown, writes Michael Pascoe. Photo: Getty

With the wonderful news of the unemployment rate officially down to 3.5 per cent still fresh, does anyone remember NAIRU – the non-accelerating inflation rate of unemployment?

In theory, it’s the lowest unemployment rate an economy can sustain without demands for higher wages triggering an outbreak of inflation.

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