Youth unemployment, the structural changes in the Australian economy [which includes Long-Term unemployment rising in every category since 2010 and Employment to Population Ratios for 15-19 Year Olds in the low “40’s” with rates for the 20-24 Year olds not much better] combined with jobless growth in many sectors, the lowest graduate employment rate since records began being kept [mid 80’s I think] and what former Treasury Secretary Ken Henry calls the growing “capability deprivation” of Australia’s young, all combines to make the seemingly already difficult task of transition from school or study to work, to be at historically difficult levels.
Public policy is challenged by what appears to be an Inconvenient Youth.
- In the 14 years leading up to the global financial crisis in 2008, youth unemployment had been trending down. [MacroBusiness]
- YOUTH Unemployment was at all time low in August 2008 – 7.7% Today it is almost DOUBLE 13.8% – Conservative figures [ Roy Morgan ]
- Youth unemployment rates have been rising even though youth wages have been falling relative to adult wages.
Four – to – One is at least the current ratio of *all* Australians SEEKING Jobs [800,700] and the positions available [ 155,700 ]
$53,900 is considered the minimum amount you’ll need to live in Australia. This figure is called the TSMIT (Temporary Skilled Migration Income Threshold), and is generally varied every July.
Minimum Wage is 656.90 per week or $34,158.80 per annum
According to the Department of Immigration and Border Protection, in 2014-15 ALONE, 457 Visas for people between 12-24 totalled over 10,000
Since 2005-2006 this number is 110,113
We see a disconnect on many levels when it comes to YOUTH and EDUCATION policy and modern labour markets. Young people are increasingly marginalised in ways that threaten not just their “present opportunities” but as Ken Henry says so well, it is “capability deprivation”. Robbing their futures.