The 2012 How Young People Are Faring report found the number of teens in full-time work was down 26 per cent in 2012 at 198,000, compared with 270,000 employed in 2008.
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AMP chief economist Dr Shane Oliver said the problem might be even worse than the figures reported, as unemployment figures tended to be grossly underestimated.

"Youth unemployment has significantly been on the rise lately due to a variety of issues," Dr Oliver said.

"While we're not yet at dire levels in Europe, it's getting closer every day."