Reserve Bank governor Philip Lowe has told a parliamentary hearing the labour market isn't quite as strong as unemployment data suggests because jobs growth is in part-time employment rather than full-time employment.
"So there's probably a bit more slack in the labour market than suggested by the unemployment rate, but that's a qualification on what has been a very positive story," Dr Lowe said on Thursday.
"We thought a year ago that the unemployment rate would now be above six per cent, and here we are between five-and-a-half and five-and-three-quarters. A lot more people have jobs."
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