Australians take on second jobs as mortgage costs and living expenses rise
Economists say more Australians are seeking additional work to cover rising costs, as new data shows unemployment climbing to its highest level since the pandemic.
Australians are increasingly taking on second jobs to cope with soaring living costs and rising mortgage repayments, according to economists, as newly released data shows unemployment climbing to its highest level since the pandemic.
The Australian Bureau of Statistics reported that the jobless rate rose to 4.6% in August, up from 4.5% the previous month, marking the highest unemployment level recorded since the pandemic period.
Economists described Australians as "scrambling" to secure additional income sources, pointing to the combined pressure of higher mortgage costs and elevated living expenses as key drivers behind the trend toward second jobs.
Despite the uptick in unemployment, analysts said they doubt the data will be enough to stop Australia's central bank from continuing to raise interest rates, suggesting that inflationary pressures remain a more dominant concern for policymakers than the softening labor market.
The combination of rising joblessness and continued rate pressure points to a difficult period for household budgets, with the full economic impact likely to become clearer as further employment and inflation data are released in the coming months.
Sources
- Australians ‘scrambling’ for second jobs to deal with rising mortgage repayments and cost of living — The Guardian — World
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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