Review of RBA's indicators for assessing spare capacity and employment levels in Australia's labour market.
This article reviews the RBA's use of indicators (descriptive information) to assess spare capacity and full employment in Australia's labour market. Three main topics are addressed: the choice of indicators; how to interpret the meaning of each indicator for assessing spare capacity; and how to aggregate information from the indicators to come to an overall judgement on the state of the labour market.
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Borland et al. (2025) studied this question.
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