4 years ago
YOUNG PEOPLE FACING LONG-TERM CONSEQUENCES OF COVID RECESSION
BRENDAN O’CONNOR MP
Younger Australians have been facing a poor labour market and struggling to get their careers underway, a new report released today has highlighted.
A Productivity Commission report released today highlights some of the long term, systemic issues facing young Australians entering the job market after study.
The report found that following the Global Financial Crisis in 2008, many graduates of tertiary and vocational education could only find lower paid and lower skilled jobs, and experienced nearly zero wage growth.
This has led to long-term negative implications on the lifetime earnings, job satisfaction and career prospects of those young workers.
The chances of young Australians getting work at all also fell and many were pushed off the career ladder entirely.
Unfortunately, the COVID recession could lead to even worse outcomes for young people, who are the biggest causalities of the current unemployment crisis.
Young people are facing many challenges – including soaring unemployment, stalled prospects, depleted retirement savings, and interruptions in education and training.
Years of persistently high youth unemployment figures have lingered under the Liberal Government.
If Scott Morrison does not develop a plan to support our young people through the COVID recession and in the recovery, there could be devastating long term consequences.
The Morrison Government must ensure the needs of young people are front of mind every step of the way as we navigate this recession.
A Productivity Commission report released today highlights some of the long term, systemic issues facing young Australians entering the job market after study.
The report found that following the Global Financial Crisis in 2008, many graduates of tertiary and vocational education could only find lower paid and lower skilled jobs, and experienced nearly zero wage growth.
This has led to long-term negative implications on the lifetime earnings, job satisfaction and career prospects of those young workers.
The chances of young Australians getting work at all also fell and many were pushed off the career ladder entirely.
Unfortunately, the COVID recession could lead to even worse outcomes for young people, who are the biggest causalities of the current unemployment crisis.
Young people are facing many challenges – including soaring unemployment, stalled prospects, depleted retirement savings, and interruptions in education and training.
Years of persistently high youth unemployment figures have lingered under the Liberal Government.
If Scott Morrison does not develop a plan to support our young people through the COVID recession and in the recovery, there could be devastating long term consequences.
The Morrison Government must ensure the needs of young people are front of mind every step of the way as we navigate this recession.