Hospitality boss from Victoria reveals workers finding second jobs amid inflation interest increase

A businesswoman has revealed how corporate colleagues are being forced to pick up second, third and even fourth jobs to relieve the financial pressures of higher interest rates. 

Belinda Eden, the founder of Victorian based firm Troop Events, told Daily Mail Australia she has seen bankers and even workers on the verge of retirement pick up jobs as dishwashers, waitresses and bartenders.

The number of workers with multiple jobs has steadily increased alongside surging mortgage payments and rising inflation, recent figures from the Australian Bureau of Statistics show.

The trend comes after the Reserve Bank hiked interest rates rose for 10 consecutive months, with the latest just last month, and inflation soared to a high of 7.8 per cent last year.

These rate hikes were halted on Wednesday following inflation rates that mellowed out at 6.8 per cent during February, which is still above the RBA’s target of 2 to 3 per cent.

One of the effects of almost a year of continuous increases to interest rates has been Australians finding new ways to meet their soaring mortgage payments, including taking on extra jobs within the gig economy, such as rideshare drivers, pet sitters and event hospitality.

The trend has also reached Troop Events with many of its 200 staff relying on the ad hoc business more than ever to provide jobs with longer hours to make more money.

‘There’s definitely more of a demand on longer hours,’ Ms Eden told Daily Mail Australia. 

‘I have a contract with my staff that is a minimum shift of three hours… but if you could have an eight hour shift available elsewhere, they will take that.

‘[They’re] trying to do as many hours as they physically can.’ 

The number of multi-job workers in Australia rose by 2.7 per cent in December, now making up just over 6.5 per cent of the Australian workforce, which is around 925,000 people. 

Many of her staff use the business as a second, third or even fourth stream of income as many struggle to pay bills and find or afford places to rent (pictured, Ms Eden with staff)

Ms Eden (pictured, front) claims that staff are ‘trying to do as many hours as they physically can’ to keep up with the with the effects of ballooning inflation rates on cost of living and interest rates 

Ms Eden said it’s hard to accommodate the amount of staff wanting longer hours  although many are struggling to make ends meet.

‘There’s a lot of juggling with staff, because the cost of living is is extraordinary,’ she said.

‘I’ve now got some staff that are even helping other staff out with short term accommodation, because they haven’t been able to get their rentals and things like that.’ 

‘There’s a lot of financial pressure as well. If you haven’t got enough money to stand on your own two feet, you’ve got to rely on others, and that’s 98 per cent of my staff. 

‘Even if they’re a two family income, they will still need to be getting more hours or more work elsewhere just to pay for the cost of living.’

In contrast to the average young hospitality worker, Troop Events has seen an influx of a broad range of people covering events for them.

‘[We hire] one guy who works at a bank and used to work in hospitality just jumped in every so often because he just loves the atmosphere,’ Ms Eden said.

The business also hires a women who is turning 60 this year who Ms Eden describes as ‘one of my hardest workers, she even runs rings around some of the young ones’.

Figures from the Australian Bureau of Statistics show the rate of workers with multiple jobs has steadily increased with rising interest rates as staff struggle to make ends meet (stock image)

However, Ms Eden was also conscious of increased taxes that economically stifle those working more than one job.

‘The second job tax is the biggest issue, sure you get a bonus at tax time but less money in the pocket makes it difficult,’ she said.

‘People are saying, “I need to get another job because I need more money because I don’t have enough” or “I don’t have that many hours where I currently work”, but there is that barrier of needing to live.’

The Australian Taxation Office suggests multi-job workers not claim the tax-free threshold on supplementary revenue streams, meaning the usual untaxed buffer of about $350 weekly for a $18,200 salary would no longer apply.