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.
