For a generation of young Australians, recession is a spectre they’ve only encountered in textbooks – but it’s one that threatens them disproportionately.
The trend was even clearer in the year following the 2020 recession when retail and hospitality jobs were disproportionately culled. That was partly a result of lockdowns, but it meant that despite young people making up 14 per cent of population, they boreThe effect is also usually felt for a while after a recession.
Recession is an especially scary prospect for many young people because when we’re down on our luck keeping or securing a job, we’re less likely to have as much saved up to get us through a rough patch. While the 2020 recession was brought about by a black swan event in the form of a pandemic, the conditions that risk tipping Australia into a recession this year are more reminiscent of those leading into the 1990-91 recession.
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