Full Employment??????

http://www.abc.net.au/unleashed/4553274.html

"The Treasurer - who appeared with Gillard at Rooty Hill - is fond of reminding us that Australia is at nearly full employment."

The neoclassical concept of full employment is hogwash. This holds that there is a residual unemployment rate arbitrarily guessed at 4-5% which is optimum for any macroeconomic equilibrium, and this level of unemployment is called 'full'. The 457 visa scheme should never come into play until this residue is employed. The adoption of this concept of full employment plays into the hands of the employers as they use it to justify importing labour rather than training up this residue.