Australia is experiencing an unprecedented cost-of-living crisis, with wages failing to keep pace with rising expenses. New data reveals that over a million Australians are now working multiple jobs, highlighting the financial strain on households across the country.
The latest figures from the Australian Bureau of Statistics (ABS) indicate that real wages in Q4 2024 were 10.1% below their peak, forcing many workers to seek additional employment. At the same time, the proportion of people holding multiple jobs has reached an all-time high, with one in 15 employed Australians juggling more than one role.
Real Wages Fall to 2012 Levels
The decline in purchasing power has been stark. According to Macrobusiness, citing ABS data, when adjusting the wage price index against the cost of living index for employee households, real wages in Q4 2024 had fallen to levels last seen in Q1 2012. This drop represents one of the most severe wage erosions in Australia’s modern history.
The rising cost of essentials such as housing, energy, and food has exacerbated financial pressures. Many Australians are now forced to take on second jobs simply to cover everyday expenses and service mortgage repayments.
This financial strain is particularly pronounced among middle-income earners, who are seeing their disposable income shrink as inflation outpaces wage growth.
Economic experts have pointed out that Australia’s wage stagnation is worse than in comparable nations. According to Justin Fabo from Antipodean Macro, the proportion of Australians working multiple jobs has now exceeded that of the United States and Canada, although it remains below New Zealand’s levels.
One in 15 Workers Juggling Multiple Jobs
Figures from the ABS Labour Account show that the number of Australians holding multiple jobs hit a record one million in Q4 2024, representing 6.71% of the workforce. According to Alex Joiner from IFM Investors, this is the highest level ever recorded, indicating the severity of the crisis.
The trend is particularly concerning as it reflects broader economic pressures rather than voluntary job-switching for career growth. Analysts suggest that, in many cases, workers are not seeking second jobs for professional advancement but out of necessity.
Despite these pressures, the Reserve Bank of Australia (RBA) has indicated that real wage growth is unlikely to recover significantly in the near term. According to its latest Statement of Monetary Policy, wage increases are expected to remain sluggish, leaving many Australians reliant on secondary employment for financial stability.
