Politely, I think Craig Emerson is overestimating the level of distress involved with unemployment at 4.5 per cent (“RBA is needlessly smashing jobs”). Employers seeing a lower turnover of young workers may be relieved to see more stability and less pressure on wages for some new hires.

There is an irony in how often bending the rules to do people a favour often works out poorly for those favoured. The RBA has accommodated the government’s wishes that interest rate rises be moderated to reduce the impact on unemployment, rather than fight inflation first. Higher for longer rates are the result.