The COVID‐19 crisis has brought into sharp relief the precarious employment situation of young people, precipitating a raft of academic and public claims of an unprecedented crisis that has disrupted young lives. Our study contributes to research on youth labour and transitions with new longitudinal empirical analysis. Our analysis challenges the “newness” of the precarity highlighted by COVID‐19, focussing on employment. It draws on longitudinal mixed methods data from a research project tracking the transition to adulthood of young Australians. We make use of the concept of liminality to analyse the labour patterns for this group of young adults for the past 5 years. While we acknowledge the impact of COVID‐19 on young people's lives, our analysis reveals a precarisation of labour conditions for a significant proportion of participants that precedes the pandemic crisis. We conclude that the tendency in some youth research and in public discourse, to depict contemporary events as heralding “new” crises for young people, obscures the deeper structural arrangements that continually position the young to take the brunt of social and economic policies.