There is no difference between the ANC Youth League and the Congress of SA Trade Union (Cosatu) when it comes to economic policy, the union federation's economic policy advisor Chris Malikane said.

He was addressing a conference of the Association for Black Securities and Investment Professionals (ABSIP) in Sandton.

“The League and Cosatu are not at one another's throats - don't believe what the media say,” Malikane added.

A macroeconomic policy that prioritised full employment and not inflation targeting was what SA needed.

“I'm not saying that inflation targeting isn't important, but full employment should be our goal.”

Malikane said Cosatu was opposed to inflation targeting as it was “inconsistent with development initiatives.”

“People who make an argument for it say that it delivers macroeconomic stability but that's not true.

“We've followed the policy for the last ten years and still we don't have full employment.”

Malikane also highlighted the negative relationship between GDP growth and the payment of workers.

“The basis of the country's economic growth is the depression of workers' income.”