The EMH applies to financial markets, which revolve around ownership of easily tradeable things. Often those things are bought just so they can be sold later on. A person convinced by your argument would have a difficult time "leveraging up" to arbitrage an inefficient labor market. Though I think the economic consensus might be that labor markets generally are not very efficient, hence the existence of persistent high unemployment (though that may not be an issue in Australia compared to the U.S these days).