A survey shows that as the cost of living skyrockets, Aussies are, on average, $2664 more out of pocket than last year, and more than a third are considering a second job to make ends meet.
Nearly nine in ten Australians expressed concerns about the cost of living based on a survey of more than 1,000 Australians by the global freelancer site Fiverr.
One in seven consumers had more than $5,000 out of pocket than last year, dropping an average of $2664.
Respondents reduced spending by eating out less (56 percent), budgeting (54 percent), and using less power (44 percent) to adjust for a higher cost of living.
It comes as economists tip that the Reserve Bank of Australia will raise spot interest rates for a second time in as many months as it meets Tuesday.
Camera icon Rising fuel prices have increased freight costs for businesses. NCA NewsWire/Dan Peled Credit: News Corp Australia
At the same time, inflation is rising to 5.1 percent a year, and wages are not keeping pace, increasing 2.4 percent in the past year.
The most recent data from the Australian Bureau of Statistics in March showed that fuel and the cost of buying a new home were the victims of the main price increases.
This week, analysts at IBISWorld said that rising fuel prices – the biggest contributor to inflation – has increased freight costs for businesses that depend on the transportation of goods.
The price of vegetables, fruit, and meat had also risen temporarily due to flooding and forest fires.
Camera icon Recent floods and fires have also pushed up food prices. NCA NewsWire/Kelly Barnes Credit: News Corp Australia
To combat the sting in the hip pockets, a third of Aussies, especially those aged 18 to 34, had considered taking a second job, while one in 12 in this age group was already juggling two jobs to ease the burden. , the Fiverr study found.
Side issues people thought they were taking on in light of the economic challenges included administrative work (27 percent), cryptocurrency investments (22 percent), e-commerce (14 percent), and copywriting (13 percent).
Adelaide’s wife, Jacqui Miholos, 30, took on additional copywriting during the pandemic to complement her full-time job at a digital marketing agency.
“With how the world was going in 2020, my hours were reduced, and I spent a lot more time on (freelancer site) Fiverr,” she said.
When it got to the point where she started earning a full-time income from copywriting, she quit her job and took her side job as a career.
In an average month, she estimates she makes $5,000 to $7,500 working about 30 hours a week.
“I was earning three times more per hour than I used to be working at an agency in Adelaide, and I can do it all from home,” she said.
Ms. Miholos said working from home had also saved her from rising gas and lunch costs.
Camera icon Jacqui Miholos’ hustle that she started during the pandemic is now her career. Credit: News Corp Australia
Peggy de Lange, Fiverr’s vice president of international expansion, said price increases and the rising cost of living made it unsurprising that people were thinking about new ways to make a living.
“The out-of-pocket shortfall for everyday Aussies is huge,” she said.
“The state of the economy is leading to a sharp increase in the number of people considering a freelance sideline.”
Online marketplace eBay Australia said it had recently noticed consumers turning to cheaper items.
“We expect this trend to continue in our fiscal year-end sales,” said eBay Australia’s Sophie Onikul.
“We know Australians are more value-conscious than ever right now.”
Ms. Onikul said that beloved fashion is a growing category, with more buyers becoming sellers by clearing out their unwanted items to earn extra money.
Camera icon A third of Aussies, especially those aged 18 to 34, had considered a second job, a survey found. Credit: News Regional Media