Australians ‘scrambling’ for second jobs to deal with rising mortgage repayments and cost of living
Summary
Australia’s unemployment rate rose to 4.6% in August, the highest since the pandemic, as more people looked for work. Many Australians are taking second jobs to handle rising living costs and prepare for higher mortgage payments, while economists expect the Reserve Bank to raise interest rates again soon.Key Facts
- Unemployment in Australia increased from 4.5% to 4.6% in August.
- The number of employed people grew by 39,000, mostly due to more part-time jobs.
- Full-time employment fell by 6,000 in the same period.
- More people are entering the job market, raising the unemployment rate despite higher employment numbers.
- Over 1 million Australians now hold more than one job, a record high.
- The share of people with second jobs is 6.9%, about 1% higher than before inflation rose in 2022.
- Inflation is 3.5% and remains a concern for the Reserve Bank.
- The Reserve Bank is expected to increase its cash rate (interest rate) from 4.35% to 4.6%, the highest in almost 15 years.
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