Aussies searching for better paid jobs to cope...
Over forty per cent of the Australian workforce says that it needs to look for better paid employment in order to cope with the increasing cost of living according to a survey of 1,450 employees by Australia's leading online career network, LinkMe.com.au.
With increases in interest rates, petrol prices, water prices and general nervousness about the global economic environment, 41.2% of respondents are feeling the pinch and scouting around for a new job.
Though the Reserve Bank of Australia has left the official interest rate on hold, the rapidly rising price of oil has pushed petrol prices so high that, according to Commonwealth Research, the average Australian household is spending about $30 extra a month on petrol, compared to six months ago. This is roughly equivalent to a 0.25 % p.a. rate hike on a $180,000 mortgage.
Seventeen per cent of Aussie employees are so adversely affected that they say they will need to take a second job in order to cope.
"The recent increases in interest rates are also impacting significantly on business," says Campbell Sallabank, CEO of LinkMe.com.au. "Almost half of the respondants say that their bosses are worried about the economic environment, with 41.7% saying that interest rates, specifically, are causing this heightened level of concern."
"Additionally 30.8% say their customers are exhibiting signs of nervousness and 21.7% say orders are shrinking. The Aussie employee of today is caught in a catch 22, looking for extra work to pay the bills, whilst well over half of them say that the current economic conditions are going to impact negatively on pay increases (62.7%), the general job market (55.9%) and overall salary levels (51%)."
