Let’s have a look at a few other facts on unemployment.
It is not since February 2013 that the unemployment rate has been below 5.5 per cent. Back then, this was considered high.
It’s not since 2011 that Australia had an unemployment rate below 5 per cent, a rate which is actually above the rate prevailing in the US, Germany, and Japan to name a few. The sub-5 per cent unemployment rate was considered to be something near full employment.
741,100 people were unemployed in December - that is a lot of people.
If the aim of economic policy management was to growth the economy at a speed and in a way that was to achieve a sustainable a low unemployment, recent policy makers has not done well.
Thursday's January labour force data will give another update on how just how bad our policy makers have been.