AUSTRALIA’S financial crash of 2008 was one of the worst in modern times, with the country’s banks and financial institutions having been bailed out and their balance sheets heavily leveraged.
But its effects on the lives of ordinary Australians, and the lives and wellbeing of their communities, have yet to be fully felt.
Today, the ABC is examining the impact of the 2008 financial crash on people’s lives in Australia, and its impact on communities.
The ABC’s analysis looks at the impact on Australians of the financial crisis on the communities it covers, including in rural areas and urban areas.
Key findings from the ABC’s report, ”How the financial crash changed our futures: Australia’s financial futures”: The impact of 2008 on people in rural Australia The impact of Australia’s recession on communities in rural communities in Australia is particularly striking.
When the economic downturn hit in 2009, there were 3.3 million fewer people in the rural community than in 2001.
In the same year, the number of people living in rural and regional areas in Australia was 5.7 million.
Rural communities have had a significant impact on the life expectancy of people who live there.
People who live in rural places were four to five years younger than people who lived in urban areas in the early years of the recession, and people living on a small income were three years younger in the late years of 2009 and 2010.
However, the decline in rural life expectancy is only partly offset by an increase in the life span of people in urban communities.
This is because the number and longevity of people moving to rural areas is also higher than it is in urban and suburban areas.
When the recession hit, the percentage of people aged 65 and over living in a rural community was lower than it was in the mid-2000s.
By mid-2011, the proportion of people 65 and older living in urban centres had risen to 65 per cent.
This is partly due to the fact that the urban areas that experienced the greatest decline in life expectancy, such as Sydney and Melbourne, experienced the largest increase in mortality rates.
Rural communities that experienced slower growth rates in population and population growth, such and Perth, had the lowest mortality rates in Australia.
While the effect of the economic recession on people is a long-term trend, what impacts are today’s communities experiencing today?
While a large part of the decline can be attributed to changes in the economy and population, the impact in communities is more immediate and dramatic.
During the recession and its aftermath, people were living in poverty, with a significant number of those living in the poorest communities in the country experiencing significant declines in life expectancies.
In urban areas, the unemployment rate was higher than the rate of people with no formal qualifications.
Even those living on small incomes were struggling financially during the downturn.
The average household income in the metropolitan Sydney suburb of Kings Cross fell by almost 30 per cent between 2009 and 2011, to $89,800.
That same suburb had a median household income of $84,200 in 2012.
In rural areas, unemployment rates were lower than in cities.
At the same time, more people were moving into rural communities.
The proportion of households living in non-metropolitan areas, which are communities with no public transport system or public health facilities, increased from 13 per cent in the 2008 recession to 20 per cent during the recession.
Over the past decade, the rate at which people moved into rural areas has fallen.
This includes the decrease in the number, types and duration of those moving into the regions.
This was due to both the decline of migration into urban areas and to a reduction in the length of migration from rural to urban areas as well as a reduction of the amount of migration that occurs.
These changes have had the greatest impact on young people in particular.
According to data from the Australian Bureau of Statistics, over the past three years the number living in regional areas grew by about 3 per cent, compared with a decrease of about 0.6 per cent for people aged between 15 and 24.
Since 2008, however, the rural and remote communities that have experienced the most economic hardship during the economic crisis have also seen the most pronounced impacts on life expectancy.