Business · Economy · 4 hrs ago

Economists warn slowing Australian economy could raise youth unemployment

Economists warn slowing Australian economy could raise youth unemployment

Australia’s youth unemployment rate reached 11.1% in September, compared with 4.7% for the whole workforce, according to official figures.

Economists say young workers are often hit harder when the economy slows, and expect youth unemployment could rise further in coming months.

Graduate job advertisements have declined from post-pandemic highs, with some large firms reducing graduate intakes.

Lachlan Riddell, 24, has applied for hundreds of jobs over three years and currently relies on casual audio-visual work and Jobseeker payments.

He says finding permanent work is difficult and that online applications often bring no response.

The picture is not entirely negative: the number of young people in work has continued to grow, and their employment rate remains above its 2019 average.

More young people are also looking for work, while economists expect softer demand for graduates if the economy weakens.

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What people are saying

Blair ChapmanSEEK chief economist
We tend to see younger workers affected more heavily when there is a slowdown
via ABC Australia
The big four accounting firms are a good example of this as they reduced their intakes in response to declines in demand.
via ABC Australia
Harry OttleyCommonwealth Bank economist
definitely rising more quickly than other cohorts
via ABC Australia
Lachlan Riddell24-year-old job seeker
It's pretty hard financially to survive.
via ABC Australia