The latest Labour Account figures out today reveal that a record number of Australians are working more than one job to make ends meet.

In the December quarter of 2024, 1 million Australians worked 2 or more jobs – up from the previous record number set just three months earlier in the September quarter of 984,300. In percentage terms, a new record was also set with 6.7% of all employees in Australia working more than 1 job. And because some people work more than 2 jobs, 7.0% of all jobs in Australia are now someone’s second or third (or fourth!) job.

These figures highlight that while inflation growth has come down, the cost of living crisis remains acute for many households. Prices over the past 3 years have risen much faster than wages, and the extreme rise in interest rates has also hit households with a mortgages.

The national accounts figures released this week showed that increasing mortgage costs have caused around half of the fall in living standards since the middle of 2022.

While it is good that people are able to find extra work to make ends meet, it is not good that they need to do so.

These figures highlight that the living standards crisis is not over and that the case for stronger wage growth remains as vital as ever before. The figures also should provide the Reserve Bank with even more reason to cut rates again in April. While inflation is not under control, households are still doing it tough and deserve the relief that comes from a rate cut, so that we no longer keep setting records of people needing to work more than one job just to pay the bills.