Economic philosophy under question

Compiled from RBA Statistical Tables, online

From around 2007, monetary policy appears ineffectual

Long-term trend lines through unemployment and CPI curves question the assertion of NAIRU, and the inflation augmented Phillips curve

Whilst managing the "reserve army of unemployed" part time employment has boomed.

The growth in part time employment helps explain the decline in contributions to GDP of Household Consumption Expenditure, and Compensation of Employees

V Conclusions

• Political ideological claims of poor labour productivity and excessive government expenditure are the cause of Australia's economic malaise do not withstand analysis.
• Maldistribution of income must be addressed
• A review of statistical methodology underwriting Australian economic policy would seem important for development of sound economic debate.
• There is an urgent need for an informed debate over applied economic philosophy.
• All policy arms must return to Government control and allow voters the opportunity to vote on prevailing economic management