Almost One Million Australians Hold Multiple Jobs: Understanding the Rising Trend of Dual Employment
Nearly a Million Australians Work Two or More Jobs as Inflation Bites
Source: ABC News
Current Employment Trends
A record number of Australians, totaling 986,400, are working multiple jobs or "side hustles" to cope with rising living costs.
Inflation and Wage Stagnation
Experts attribute this trend to the pressures of inflation outpacing wage growth, leading many individuals to seek additional income.
Underemployment Concerns
Underemployment—where individuals work fewer hours than desired—is also driving people to pick up extra jobs.
Demographic Insights
Gender Disparities in Side Hustles
More women (7.7%) than men (5.8%) currently hold multiple jobs, reflecting differences in part-time and temporary work arrangements.
Younger Workers Leading the Charge
The demographic most likely to juggle multiple jobs are those aged 20-24, at a rate of 8.7%.
Real-Life Impacts
Personal Stories of Struggle
Individuals like Frank Hoyt, who repairs cars, have taken on additional work such as house painting to meet rising costs. This reflects a broader shift from supplementing hobbies to covering essential living expenses.
Side Hustles Becoming Essential
For many, including single parents like Nataasha Torzsa, side hustles provide critical financial relief against increasing household bills.
Platform Influence on Employment
According to Tim Fung, CEO of Airtasker, there has been an 80% year-on-year increase in people using freelancing platforms to find additional work.
Challenges with Customer Demand
Despite the increased number of taskers, rising interest rates have negatively impacted consumer sentiment, resulting in fewer jobs posted on the platform.
Tax Implications of Side Hustles
The Australian Tax Office (ATO) warns individuals to declare income from side hustles, as tax obligations apply regardless of the income's source.
Managing Multiple Income Streams
Increased income may benefit financial stability, but it can also lead to heightened stress and challenges in balancing work and personal life.
Conclusion
While the trend of holding multiple jobs offers a vital financial lifeline for many Australians, the accompanying stresses and tax obligations present significant challenges that need careful management.
