Research into the impact of COVID-19 on the jobs market warns young people will suffer from their time out of work for years. | By Shane Wright swrighteconomy covid19
in June. The youth unemployment rate is now at 7.9 per cent, 3.7 percentage points lower than its pre-COVID level.
Despite the recovery in the jobs market over recent months, the number of young people out of work for more than two years has not changed. COVID-19 also caused an increase in the number of students not completing study courses, with people from disadvantaged backgrounds the most likely to drop out. “History teaches us that even mild economic downturns in Australia, such as the global financial crisis, can affect the lives of Australians for many years after,” he said.“And, with interest rates rising, governments tightening budgets and net overseas migration expected to normalise, this could be as good as it gets for many Australian workers.”
While unemployment has tumbled, some economists expect it to lift as the RBA increases interest rates to dampen inflationary pressures.
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