Second and third jobs are becoming the new norm

by AAP | November 9, 2022 4:45 p.m. | New

Workers are taking advantage of the competitive job market to earn extra money, with 900,000 people working two or more jobs.

The number of people in multiple roles hit record highs in the June quarter, according to data from the Australian Bureau of Statistics.

Many people actually work more than two jobs, labor force data showed.

“Along with the 4.3% increase in the number of multiple jobs, the number of jobs held as secondary jobs also increased, by 5.5%, and exceeded one million for the first time” , said Lauren Ford, head of labor statistics at ABS. .

“It highlights that some people have more than two jobs at the same time.”

CommSec’s Craig James said the extra work is helping to keep expenses high.

“One of the reasons people may keep spending is that record numbers are working second jobs or, inelegantly defined, ‘side hustle,'” he said.

“One of the reasons more people have second jobs is because the jobs are there – they’re not being taken by others,” he added.

Mr James said people were also taking on second jobs out of necessity as cost of living pressures increased.

While households have so far shown themselves to be quite resilient to rising interest rates and inflationary pressures, spending indicators are starting to react when adjusted for inflation.

Higher prices fueled the slight 0.9% monthly increase in CommBank’s Household Spending Intentions Index, for example, but several discretionary categories, such as home buying and travel, tumbled. fall.

Elsewhere, moderating electricity prices have led to lower revenues in the electricity, gas, water and waste industry.

Electricity, gas and waste fell 18.9% in the month, ABS data shows, but turnover for companies in the sector remains 27.2% higher than in September 2021 .

“The 18.9% drop in September partly reflects the moderation in wholesale electricity prices,” explained the ABS.

Six of the 13 sectors reported an increase in the measure, with rising prices likely contributing to some revenue growth.

The arts and recreation sector saw the largest monthly increase in business revenue, rising 9.4% in September.

But all industries saw strong year-over-year increases as the COVID-19 recovery continues.

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