Australian labour market – unemployment remains at 3.5 per cent yet inflation continues to fall – how can the NAIRU be 4.5 per cent?

The Australian Bureau of Statistics (ABS) released of the latest labour force data today (June 15, 2023) – Labour Force, Australia – for June 2023. The June result presents a relatively stable picture with moderate employment growth keeping pace with the underlying population growth and the unemployment rate being largely unchanged (a slight drop in…