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Inflation and the cost of living are pushing Australians to continue a parallel stampede

Whether it’s mowing lawns, selling old clothes or renting vehicles, Australians aim to combat the pressure of the cost of living by taking up alternative employment.

A new study by peer-to-peer car-sharing platform Car Next Door has found that 77% of Australians plan to drive alongside in the next 12 months to ease cost of living pressures.

YouGov’s survey of 1,072 Australians aged 18 and over found that 41% had taken their Discretionary Income in the past 12 months, with 23% seeing a significant drop.

This comes despite the latest ABS data on wage growth revealing that the annual rate of wage growth stands at 2.6%, marking the highest annual salary growth rate since 2014.

The annual wage growth rate is canceled out by the rapid rise in inflationreal wages falling instead.

AMP economist Diana Mousina said wEven though wage growth is increasing, it is happening slowly, meaning that real wage growth has declined as inflation has outpaced wage prices.

“Real wage growth was down 3.5% on the year – no wonder consumer confidence hit recessionary levels,” Ms Mousina said.

To combat these pressures, the number of Australians working multiple jobs and turning to side businesses continues to grow each year.

Data released by the ABS for the March quarter revealed that 857,900 Australians are working multiple jobs, with that number increasing by a further 51,600 or 6.4% from the same period a year ago.

Car Next Door founder Will Davies said there has been a huge increase in car listings on Car Next Door, which is not surprising given the rising cost of living.

“Savvy Australians are effectively supplementing their income by renting their car on the platform, which is pocket-friendly and ideal for borrowers who want to avoid the financial and environmental cost of car ownership,” said Ms. Davies.

The Car Next Door platform allows vehicle owners to rent their car, van or vehicle when not in use, through the Car Next Door app.

Car Next Door detailed nationwide that there was a 148% increase in cars listed on the platform compared to the same period last year.

In addition, 33% of Australians say they are ready to lease their vehicle in the near future to earn additional income.


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