Australian Treasury: Young workers face a decade of COVID pain

The Australian Treasury has released a new report claiming that the sharp rise in unemployment associated with COVID-19 may have long-lasting effects on Australia’s youth:

This paper explores the effects of labour market conditions at graduation on an individual’s work‑life over the following decade. Australians graduating into a state and year with a 5 percentage point higher youth unemployment rate can expect to earn roughly 8 per cent less in their first year of work and 3½ per cent less after five years, with the effect gradually fading to around zero ten years on…

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