Youth Unemployment in Australia
The age of the unemployed youth around the world ranges from 15 to 24 years. This constitute about one-fifth of the global population and majority about 90% are found in developing countries. This is because the majority of the youths are still in school pursuing their education, others have just finished school and lack skills, exposure and experience that is required in the majority of jobs found worldwide and therefore, they end up missing on the few employment opportunities that are available. The persistence of lack of employment opportunity to many youths worldwide is a serious problem that has emerged as a worst economic problem that has threatened the majority of developed and developing countries globally. Carvalho (2015) argue that youth unemployment is a massive and growing issue around the world.
Majority of the youths are also forming the informal economy, as well as the low-paid work (Damstrup,1987). Aims and Scope of Literature Review • To evaluate the impacts of youth unemployment on economic growth and national building in Australia. • To identify factors or strategies that will, directly and indirectly, promote and enhance youth employment in Australia. • To assess and identify ways in which youth unemployment can be addressed in Australia. This literature review is limited or restricted to Australia as a region where the researcher is interested to investigate the effects of youth unemployment on economic growth, as well as nation building (Damstrup,1987). In this method, the target population segments composed of study strata, as well as typical units from each group were chosen randomly to be included in the sample.
The sampling composed of respondents from each study group that was chosen randomly from the target group or population such as employers, youth leaders, local administrators, as well as parents. Idris (2016) suggest that the research used both primary, as well as secondary sources. Primary sources were gathered via the use of the checklist. Secondary sources were acquired from reference documents and existing policy relevant to the area of interest. Any nation around the world depends on its youth development, growth, and leadership. Despite this expectation, youth unemployment has emerged as a serious social, as well as economic problem which has extended across the world as result of rapid growth of youth population worldwide. Since youth unemployment has become a serious issue not only in Australia but also in other developed and developing countries around the world, this has influenced social and economic spheres in a massive way.
According to Queensland GSO, the rate of youth unemployment in Queensland, one of the states in Australia has risen rapidly to about 15. Furthermore, the youth unemployment rate in the country has been documented to have increased to 8. Australia is not the only nation that was hit by harsh socioeconomic repercussions of the global economic crisis. The GFC hit youth in Australia more significantly than any other group (Lewis and Koshy, 1999). Youth unemployment directly affects economic cycles. Youth unemployment in Australia causes development and economic downturn as a result of the global financial crisis. The economic decline experienced as a result of high rate of youth unemployment contributes significantly less to the national building. Unemployment is viewed as a lagging sign of economic growth and building of the nation (McMahon and Ramasamy,1980).
This eventually influences or affect the growth of the economy of the whole nation. Youth unemployment is perceived as the most important issue involved in assessing and evaluating the strength, as well as the resilience of the economic growth. During the period of the high rate of youth unemployment, the majority of new job seekers are faced with some form of difficulties in getting into job market since they compete with more skilled and experienced job seekers. There are numerous assumptions that involve youth unemployment in Australia. Since the GFC influence the capacity of the private sector to support projects. Hence, the federal government must take the responsibility to fill the gap (Muir and Maguire, 2003). The public-sector spending on capital work offers local employment which caters for the high rate of youth unemployment in Australia.
It also provides skills opportunities for those workers who have been seriously affected by the downturn, specifically in sectors like construction, as well as manufacturing. This strategy is specifically significant for retaining major skill sets, as well as moderating the loss of jobs and employment opportunities in the country. In the previous year, Australia was experiencing substantial skills, as well as shortages of labor or workforce in crucial areas. Investing and spending in skills, as well as training will aid in tackling long-run deficiencies in crucial industries and other sectors of the economy that contribute and promote the growth of the economy in the future. Polk and White (1999) suggest that the federal government has been committed to spending $320. 4 million in the next three years to help about 63, 000 people in Queensland and Brisbane to acquire new skills and abilities and attain sustainable employment for the majority of its youths who have a high rate of unemployment.
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