AMP and NATSEM report shows young Australians are 4.5 times more likely to be unemployed LAUREN WILSON SOCIAL AFFAIRS WRITER NEWS CORP AUSTRALIA NETWORK NOVEMBER 15, 2014 11:00PM SHARE THEY’RE young, determined, and often well-qualified, but thousands of young Australians are struggling to get their first career break in a softening job market. A major new report from financial services company AMP and the National Centre for Social and Economic Modelling reveals young people under the age of 20 who are looking for a full time job are four and a half times more likely to be unemployed than older Australians. And double the proportion of Australians in their 20s who hold degree qualifications, are still working as sales assistants or in hospitalities, than any other age bracket. The AMP and NATSEM Work It Out report, to be released today, shows the unemployment rate for people aged between 15 and 19, who are looking for full time work, has soared from a low of 16.6 per cent in September 2008 to 27.1 per cent in September this year. It also shows that while only three per cent of degree-qualified Australians in their early 30s are working as sales assistants, seven per cent of people in their 20s with degrees are working in shops rather than in the industry they are qualified for. AMP’s Chief Customer Officer Paul Sainsbury said the report’s findings are “quite staggering”. “It’s a tough environment for many young people looking to get their foot on the career ladder,” Mr Sainsbury said. GEN Y: in grip of unemployment crisis as jobless rate soars, Centrelink data reveals “It can be a catch 22 because employers are looking for people with experience, yet young people can’t get that experience without a job.” The report shows more than three quarters of young people aged between 15-19 are working part time, compared with just 28 per cent of people over the age of 20. And while the high rate of part time work takes into account the many students who hold casual jobs to pay their way through university, the report notes “it may also reflect the difficulty that youth experience in finding a full time permanent job”. The Federal Government this year announced a tough new plan to get young people earning or learning, including by withholding welfare payments and rolling out a new work for the dole scheme. But the report indicates that young people with skills are also battling to get jobs. “Some people might think a qualification is the answer to finding a job, but the report shows that this might not always be the case,” Mr Sainsbury said. NATSEM’s principal research fellow Ben Phillips said it was fairly startling that more than a quarter of young people who want to be employed full time are battling to get a job. “You’ve got a relatively weak labour market, and young people up against those with more experience and more skills find it harder to get a job,” Mr Phillips said. “They have to take less — take a job that doesn’t require their qualifications or work on a part time or casual basis.” Mr Phillips said the report also showed Australia’s workforce was maturing, becoming more educated, more professional and more female. couriermail.au/business/work/amp-and-natsem-report-shows-young-australians-are-45-times-more-likely-to-be-unemployed/story-fnic6on7-1227123887253
Posted on: Sun, 16 Nov 2014 02:30:00 +0000
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