The Brotherhood of St Laurence has released a new report, entitled “Prosperity’s children”, which documents the growing problem of long-term unemployment among Australia’s youth and shows that young Australians are far worse-off than a decade ago:
Nearly one in five unemployed 15 to 24 year olds today have been out of work for 52 weeks or more. This stark figure represents an estimated 46,990 people aged 15 to 24 – and their predicament is clearly linked to a changing labour market.
Ten years ago, in October 2009, just under one in ten young jobhunters were unemployed for 52 weeks or more, equating to almost 21,000 Australians.
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
