A shockingly high number of young Aussies are out of work.
Young Australians seem to be in for a long ride to success, with a new report from The Brotherhood of Saint Laurence finding close to one in five young Aussies has been out of work for more than twelve months.
It's not looking up either, moving into adulthood in a fast changing modern economy, isn't getting any easier with specific industries cracking high rates on unemployed youth.
Among to 267,000 unemployed people aged 15 to 24 in Australia, or, 50,500 of them fall into the 'long-term unemployed category.
Long-term unemployment includes people who have been out of work for a year or more.
While there have been overall improvements in unemployment, the recent report paints a more uncertain picture for millennial job hunters in the labour market.
The Brotherhood's latest report finds the consequence of the 2008 Global Financial Crisis has only contributed to the downturn in Australia's youth unemployment story.
According to the new report, “Reality Bites: Australia’s youth employment in a millennial era”, unemployment in Australia is three times higher than prior to the 2008 hit, and youth unemployment has been harder to shift.
In the labour market, the rate of people aged between 15 and 24 sits more than double the overall unemployment rate at a huge 12.4%.
Newstart has a base rate as little as $38.48 a day for a single unemployed person without children, and Youth Allowance is even lower.
Brotherhood's Executive Director Tony Nicholson, said policy makers can't afford to ignore the risk youth unemployment has for the emerging generation.
“...It worries me that our social security payments for our unemployed people - both the Youth Allowance and Newstart - are now so low that this is hindering unemployed people’s hunt for paid work, for example to be able to afford transport or appropriate clothes to attend job interviews."
“These very low payments need to be addressed as part a considered response to youth unemployment,” Mr Nicholson said.
Citigroup Australia board chair Sam Mostyn has joined the campaign to lift youth unemployment rates; she has concern from a business and parental perspective as the mother of an 18 year old.
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