Money

Australians are “being forced” to work multiple jobs

Published

4 months ago

August 3, 2023

ticker NEWS

A record number of Australians are turning to multiple jobs as they struggle to cope with the surging cost of living.

The Australian Bureau of Statistics reported that 947,300 Australians held more than one job in March, accounting for 6.6% of all workers. This is the highest proportion ever recorded.

The surge in multiple jobs can be attributed to strong labor demand, allowing people to take on additional work for more hours, and the pressing need for extra income due to rising living costs.

The rising cost of living has been especially burdensome for employee households, which saw a 9.6% increase in living costs in the year to June. Inflation has been a significant factor, particularly for essential expenses like mortgage costs, which have surged by 91.6% over the same period.

As a result, many Australians have resorted to working longer hours or taking on additional jobs to make ends meet.

More work

The ability to find more work has helped mitigate severe financial stress for households and the economy.

The job market continues to offer ample opportunities, with job advertisements still significantly higher than pre-pandemic levels.

However, economists warn that unless wages rise above inflation levels, the trend of multiple jobholders may continue. Moreover, structural issues in certain industries force many workers to seek additional employment to make a living wage.

While the record number of multiple jobholders may provide short-term relief for households, it highlights the growing challenge of making ends meet with inadequate wages and increasing living costs.

The toll on physical and mental health is evident, as people work long hours to sustain their livelihoods. Women and young people are more likely to hold multiple jobs, underscoring the need for policies supporting well-paying, secure jobs to alleviate financial strain.

Money

Tech giants drive global mega-cap surge amid inflation relief

Published

1 day ago

December 1, 2023

ticker NEWS

Tech giants have taken the lead in propelling global mega-cap stocks to new heights.

This surge comes as a welcome relief for investors who have been closely monitoring the impact of rising inflation on the financial markets.

The tech sector, including giants like Apple, Amazon, and Microsoft, has been instrumental in driving the rally. These companies have reported robust earnings and strong growth prospects, which has boosted investor confidence. As a result, the market capitalization of these tech behemoths has reached unprecedented levels, contributing significantly to the overall rise in global mega-cap stocks.

The easing of inflationary pressures has played a pivotal role in this resurgence. Central banks’ efforts to tame inflation through monetary policy adjustments have begun to bear fruit, reassuring investors and stabilizing financial markets. As concerns over rapidly increasing prices recede, investors have become more willing to invest in mega-cap stocks, particularly in the tech sector, which has demonstrated resilience in the face of economic challenges.

Will the tech giants maintain their momentum and continue to lead the mega-cap surge, or are there potential risks on the horizon?

Money

Real reason bosses want employers back in the office

Published

3 days ago

November 30, 2023

ticker NEWS

As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.

The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.

Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.

This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured

Money

Businesses cash in on Black Friday sales

Published

3 days ago

November 30, 2023

ticker NEWS

Black Friday, the annual shopping frenzy, has become a global phenomenon rooted in economic strategies.

Retailers deploy various tactics to lure consumers, creating a win-win scenario for both shoppers and businesses.

The concept of Black Friday traces its roots to the United States, where it marks the beginning of the holiday shopping season. Retailers offer significant discounts on a wide range of products to attract a massive customer influx. This strategy, known as loss leader pricing, involves selling a few products at a loss to entice customers into stores, hoping they will buy other items at regular prices.

Retailers also employ the scarcity principle by advertising limited-time offers and doorbuster deals. This sense of urgency compels consumers to make quick decisions, boosting sales.

Furthermore, online shopping has revolutionized Black Friday economics. E-commerce giants use data analytics to customize deals, targeting individual preferences. Cyber Monday, the digital counterpart to Black Friday, capitalizes on the convenience of online shopping. #featured