More Than 1 million Australians Now Juggling Multiple Jobs to Manage Rising Costs
Record multiple-job holding rate highlights growing household pressure from mortgages, rents, electricity and food expenses
More than 1 million Australians are now working two or more jobs, as ongoing cost-of-living pressures push households to look for additional sources of income. New data from the Australian Bureau of Statistics shows the number of multiple job-holders rose by 64,900 in the June quarter to 1,049,100, an increase of 6.6%.
The multiple job-holding rate also climbed from 6.5% to 6.9%, reaching its highest level since the series began in September 1994. That means around one in every 14 employed Australians now holds more than one job.
Rising household costs drive demand for extra work
Callam Pickering, APAC economist at Indeed, said the record multiple-job rate reflects the financial pressure facing Australian households. While job vacancies have eased, he noted that the vacancy rate remains high by historical standards, giving workers opportunities to seek additional hours.
According to Pickering, households are increasingly taking on extra work to manage the cost of mortgages, rents, electricity and food. Workers may respond by increasing their hours in an existing role or taking on an additional job to supplement household income.
The latest figures show that the number of people holding multiple jobs has increased by 103,700 over the past year, suggesting the trend is becoming increasingly widespread.
Higher interest rates have also influenced labour supply
The rise in multiple job-holding also connects with findings from an International Monetary Fund working paper published earlier this year. The paper examined Australia's experience during the RBA's rapid rate increases in 2022 and 2023.
Rather than only reducing labour demand through higher borrowing costs for businesses, the research found that higher interest rates also encouraged some heavily indebted households to increase their participation in the workforce.
Some people entered the labour force, while others took on second or third jobs or increased their working hours to manage higher debt-servicing costs.
The IMF paper found that the share of Australians working more than one job increased by 0.4 percentage points during the rate-hiking cycle, equivalent to more than 100,000 additional workers.
What it means for investors
For investors, the record multiple-job rate provides another indication of the pressure being experienced by Australian households. While employment opportunities remain available, the growing number of people seeking additional work suggests household budgets are still being stretched by essential expenses and debt costs.
The trend will be important to watch alongside wages, employment, household spending and interest rates. If households continue relying on additional work to maintain their finances, it could influence future consumer spending patterns and provide another signal of how Australians are responding to elevated living costs.
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