Falling incomes are normally associated with recessions. But over the past decade, even as the economy grew, the real incomes of young Australians fell.
Young Australians have borne the brunt of falling productivity and a less dynamic economy, with new research ahead of this week’s jobs and skills summit showing real incomes dropping for people under the age of 24.
Policy to boost participation and improve outcomes for women will also be central to the two-day summit that will be attended by 100 people from unions, businesses, premiers and the non-government sector. The worst hit had been young households – those aged between 15 and 24 – whose incomes were actually negative through the 2010s. Through the noughties, their incomes had grown by more than 3 per cent.
The plight of younger households is a key element to proposals from the Australian Council of Social Services, which on Monday will call for the jobs summit to ensure the benefits of the current 48-year low in unemployment is not squandered. “We haven’t had full employment for the last 50 years. But with ambition and commitment, we can create an economy where people secure the jobs and paid working hours they need, [where] wages and other incomes – including the Jobseeker payment – are growing again, and no one is left behind,” ACOSS acting chief executive Edwina MacDonald said.
CPA Australia, representing certified practising accountants, says in its submission to the summit that a shortage in the profession is a problem area for productivity and has implications for the economy.“Accountants prepare the financial and non-financial data that business and governments rely on to make critical investment decisions. Accountants are critical enablers to the efficient operation of the economy, business growth and job creation,” CPA chief executive Andrew Hunter said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Young Australians the biggest victims of an unproductive decadeYoung Australians have borne the brunt of falling productivity and a less dynamic economy as research shows real incomes dropping for people under the age of 24 | swrighteconomy
Read more »
McKinsey, Bain and BCG lift pay as talent war heats upThe trio have delivered one of the biggest salary increases for new MBA hires in more than two decades.
Read more »
Rome’s arches have stood for 2000 years. But in Sydney’s Italian Forum, they’re crumblingThe marble arches of Rome’s Forum have stood for 2000 years. In Sydney’s version, the arches around the Leichhardt piazza are polystyrene and they are already crumbling, writes bencubby and natassiazc
Read more »
Alpine boss takes a swipe at young Australian’s ‘integrity’ as F1 saga turns uglyOscar Piastri is considered a once-in-a-generation talent after matching the feats of F1 stars Charles Leclerc and George Russell by winning the junior classes in consecutive years.
Read more »