Market economies require unemployment. What follows?

Full employment is suddenly the mantra of the Liberal Party of Australia. After more than a decade without a sustained period of unemployment below 5%, Treasurer Josh Frydenberg announced as part of his May 11 budget that the jobless rate will ‘need to have a four in front of it’ if the economy is going to get back to full speed. But the Australian government has no intention of driving the unemployment rate lower than that. Frydenberg has promised to stimulate the economy until only 95.5% of Australian workers have a job. The remaining 4.5% will be required to remain unemployed.