Cost-of-living crisis forcing more Australians to become ‘serial side hustlers’
Australians with ‘side hustles’ are raking in an average of $21,400 a year amid the pressure of rising costs. See which tasks are in-demand and give the best return.
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One side hustle is no longer enough to make ends meet, with a growing number of Australians requiring several income streams to pay their mortgage and put food on the table.
As interest rates and costs of living force a rethink of household budgets, the number of “serial side hustlers” has soared.
More than half of Aussie entrepreneurs now have multiple sources of secondary income, research from internet domain registrar GoDaddy shows.
The findings come as Airtasker reveals a 46 per cent year-on-year increase in the number of people signing on to its gig economy platform, which it attributes to the cost-of-living crisis.
With online side hustles generating an average of $21,400 a year and Airtaskers earning an average of $240 per job, experts say establishing a side hustle could be an easier way to boost earnings than more traditional forms of a second job.
“You can always get a second job as well, but Airtasker is something you can do immediately (while waiting to secure another role),” says Airtasker chief executive officer and founder Tim Fung.
The pay on offer
The amount of money and the work available in the gig economy would come as a surprise to most Australians, Fung says.
Tasks linked to trade services – such as fence construction, landscape gardening, painting, pool cleaning and roof tiling – are typically the highest paying, where Australians can make an average of $660 to almost $1,000 per job.
But there are also plenty of opportunities for the unskilled.
Last month, an Adelaide “Tasker” made $250 assembling flatpack furniture, while Fung says there were also several jobs available for those willing to sit in online queues to purchase tickets to Taylor Swift’s Eras shows.
“There’s a lot of people motivated to earn some extra money,” he says.
“One of our top taskers is making $200,000 a year on the platform so there’s definitely opportunities to earn some significant cash.”
Avoiding the poverty line
Michael Dunn derives his main income from work as a forklift driver. But he supplements it with yard work throughout the north Brisbane area, which he sources through Airtasker.
In the winter months, when lawn mowing and other outdoor jobs are not advertised as frequently, Dunn turns to painting and other indoor home maintenance tasks instead.
“I probably do three to five jobs (a week through Airtasker),” Dunn says.
“But there have been times where there’s not been much (forklifting work) so I’ve had to solely rely on Airtasker for a few weeks and then I’ve been doing four or five jobs a day, seven days a week.
“Airtasker just gives me a little bit more funds to do what I want on the weekends, to eat what I want to eat and do the activities I want to do.
“It just helps you stay in front and not fall below the poverty line and not be a burden to anyone.”
‘Absolutely worthwhile’
“Serial side hustlers” are running up to four businesses on top of their normal 9-5 job in a bid to ease cost of living pressures, GoDaddy vice president Tamara Oppen says.
She says the most lucrative side hustles are businesses that are not limited by geographic location, adding that online ventures have the benefit of little to no set up costs.
She says most Aussies spend up to 10 hours a week on their online venture.
“If you average that out, it’s one Netflix session a night, or a bit of time on the weekend … and to earn $21,000 on the side, that’s absolutely worthwhile,’’ she says.
Tax reminder
With record numbers of Australians having a side hustle, the Australian Tax Office is expanding its data-matching capabilities to catch people who fail to declare income from multiple jobs.
New laws now require taxi services, ride sourcing and short-term accommodation platforms, such as Uber and Airbnb, to report all transactions to the ATO.
The requirement will expand to all other platforms, including Airtasker, from next July, says ATO assistant commissioner Tim Loh, with the information to be matched against what is reported on individual tax returns.
“These new rules will give the ATO clear visibility of people who are earning income using these platforms,’’ Mr Loh says.
TOP 10 SIDE HUSTLES
Highest paying tasks:
1. Fence Construction – $995
2. Landscape gardeners – $935
3. Flooring – $855
4. Insulation installation – $748
5. Pool cleaning and maintenance – $676
6. Painting services – $666
7. Roof tiling – $664
8. Excavation – $531
9. Interior design – $521
10. Full house removals $433
Most in-demand tasks:
1. Removalists – $172
2. Handyperson $298
3. Residential cleaning – $181
4. Gardening/lawn mowing – $201
5. Furniture assembly – $169
6. Plumber – $273
7. Painting services – $666
8. Waste disposal – $128
9. Pick up and delivery – $128
10. Mechanic – $261.
Source: Airtasker. Prices represent the average task price paid in June 2023
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