We’re officially in the grip of the worst economic downturn since World War II. And one group will pay for the crisis for decades to come.
In other words, we’re in for a world of pain the like of which we’ve not seen for decades – but not all Aussies would be affected equally.
“But we know from past recessions in Australia and elsewhere in the world that the biggest price is paid by the young – those coming out of school and higher education and hitting the job market at exactly the wrong time.” “The war of 2020 has been a war for our health and the biggest beneficiaries have been mostly older Australians.“The next war will be for jobs and the extent we win or lose that fight will be very important for younger Australians.”
“Although debt has jumped a lot, interest rates have fallen by even more, and if you look at the ongoing costs of what we’re doing, it’s a tiny fraction of what many suspect it is,” he said. “That’s easier to do in Australia than the rest of the rich world … because we had our budget back in balance before this hit, so Australia actually had much lower government debt as a share of national income than pretty much everyone,” he said.Young people who haven’t yet established their careers will be hardest hit.
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