Today’s October Australian Bureau of Statistics (ABS) Labour Force Figures show the youth unemployment rate is now at 15.6 per cent, with 337,200 young people without work. This is Jobs crisis on our hands.
This is a one per cent jump in unemployment for young people since September, compared to 0.1 per cent for the overall population.
The story gets worse in Victoria – with youth unemployment up 3.6 per cent followed by 2.9 per cent in South Australia, and 2.4 per cent in the Northern Territory.
Youth unemployment in Victoria has increased again in October and now stands at 18.2 per cent. This is the highest youth unemployment rate recorded in Victoria since January 1998.
Youth underutilisation is at 33.5 per cent – meaning one in three young Australians are looking for work or more work.
Young people have been hit hard by the COVID pandemic.
It was recently revealed that the JobMaker Hiring Credit is expected to create only 10 per cent of the 450,000 jobs, earlier claimed by the Morrison Government.
In a joint statement released by Brendan O’Connor, Federal Shadow Minister for Employment and Industry and Amanda Rishworth, Federal Shadow Minister for Youth:
“They need more than just marketing slogans and short term measures from the Morrison Government.
“Young people desperately need a meaningful, holistic plan to get them through the crisis and into long-term, secure careers”.
Labor leaders have called on the Morrison Government to urgently develop a COVID-19 Youth Recovery Strategy, co-designed with young people – outlining clear short, medium and long term goals.
Victorian economic crisis appears to have also hit women in particular
The figures released by the ABS also points to the economic crisis impacting women most of all.
With Victoria’s overall unemployment rate rising to 7.4 per cent in October, unemployment rate amongst women rose even higher.
From 7.6 per cent in September to a staggering 8.8 per cent in October, the highest rate of unemployment among women in Victoria in this century.
Unemployed women in Victoria account for 146,500 – the highest on record.
Victorian figures are higher than the national unemployment figure, which sits at 7.0 per cent.
Although understandable, losing 141,000 jobs since March 2020, Victoria follows the largest job loss in New South Wales being 52,300 job losses.
Victoria lost 51,000 jobs since the start of the pandemic.
Victorian Shadow Treasurer, Louise Staley said that the “unemployment figures show that Victorian women are bearing the brunt of this economic disaster.
“These are the women who work in industries hit hard by this pandemic, such as retail, hospitality, fitness, and other small businesses.”
The Opposition is calling on the government to address this jobs crisis urgently.
“Victorian women need a plan to get back to work and back in business.”