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Australians are “being forced” to work multiple jobs

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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.

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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.

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Money

Central bank expected to ease interest rates as election nears

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The Federal Reserve is expected to cut interest rates again this week, a move aimed at cooling inflation.

This quarter-point rate cut would bring the benchmark rate to about 4.6%, the second reduction this year.

Analysts expect that additional cuts could come in December, which would benefit borrowers by reducing loan costs.

If Trump were to win the election, economists say his proposals on trade and immigration could reignite inflation.

The Fed is balancing a strong economy and low unemployment with its inflation-calibrated rate cuts.

As Election Day approaches, all eyes are on both the Fed and the presidential race.

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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Meta expects strong holiday ad revenue boost

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Meta’s holiday-quarter forecast beats expectations as AI tools drive growth

Meta Platforms, parent company of Facebook, has forecast holiday-quarter revenue that surpasses market expectations, anticipating a surge in ad spending as the year ends.

The projection comes as Meta’s AI-driven advertising tools and short-form video feature Reels have spurred revenue growth this year.

Meta’s shares dipped 2.5% in after-hours trading, despite a third-quarter profit of $6.03 per share—well above analysts’ forecast of $5.25.

Analysts expect digital ads to have a “blockbuster” year in 2024, helped by improved economic forecasts and steady consumer spending.

Meta, heavily reliant on advertising revenue, stands to benefit from increased holiday marketing as it eyes revenues of $45 to $48 billion this quarter.

The company’s third-quarter revenue reached $40.59 billion, narrowly topping analysts’ estimates.

With interest rates easing, analysts suggest Meta’s ad revenue could continue to thrive into the new year.

As holiday spending ramps up, Meta’s AI investments are paying off.

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