The unemployment rate is often used as a summary comparative measure and captures the attention of the media more often than other labour market indicators. However, it is a narrow concept of underutilisation and ignores many other sources of labour wastage. In this paper, we discuss the limitations of the unemployment rate in this respect and compute a range of measures for Australia which are designed to provide better indication of labour slack. We present two hours-based measures of labour underutilisation for Australia, which quantify the degree of underutilisation and underemployment among the unemployed, the hidden unemployed, and the part-time workers who desire more hours of work. We conclude that the official unemployment significantly understates the degree of underutilisation in Australia. Finally, we examine the presence of cyclical non-linearities in several indicators of underutilisation. We conclude that the asymmetries present impact more significantly on the most disadvantaged in the labour market.