The Australian Bureau of Statistics (ABS) released of the latest labour force data today (June 15, 2023) – Labour Force, Australia – for May 2023. The May result reverses two consecutive months of weaker results from the Labour Force survey. Employment rose by 75.9 thousand (a strong monthly result), participation rose by 0.1 point to a record high, and unemployment fell by 16,500. But one month is not a trend and it should be emphasised that there are 10 per cent of the available and willing working age population who are being wasted in one way or another – either unemployed or underemployed. That extent of idle labour means Australia is not really close to full employment despite the claims by the mainstream commentators. I am waiting for the RBA governor to claim the fall in the unemployment rate justifies further interest rate increases. It doesn’t but since when has logic and facts got in the road of his agenda.