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Aussies need $6,442 pay rise to keep up with cost of living

The cost-of-living crisis is not over yet, with high inflation still taking a massive toll.

A composite image of a crowd of people walking and Australian currency to represent pay rises.
The average Aussie needs a massive pay rise to keep up with the rising cost of living. (Source: Getty)

Aussies need a $6,442 pay rise just to keep pace with the rise in inflation over the past year, according to new research from Canstar.

The latest data from the Australian Bureau of Statistics (ABS) found, while inflation came down from 7.8 per cent to 7 per cent, it was not nearly enough.

“The latest inflation figures show the numbers are heading in the right direction but are still a cause for concern,” Canstar editor-at-large Effie Zahos said.

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The ABS data showed that the cost of services reached its highest level since 2001, while prices for essentials (non-discretionary goods and services) rose 1.9 per cent.

“Given consumers can’t avoid spending money on non-discretionary items, a drop in the headline inflation rate will do little to relieve household budgets,” Zahos said.

Aussie wages needed $6k boost

Canstar analysis found the average working Australian would have needed a $6,442 pay rise to have kept pace with inflation over the past year.

“With household budgets continuing to bleed because of higher mortgage or rental payments, there will be more pressure on employers to meet wage demands. Analysis shows the average income earner needed at least a $6,000 pay rise over the past year to keep pace with inflation,” Zahos said.

“If a pay rise is off the table, consider asking your boss for other perks or benefits, including health insurance cover and/or flexibility in working arrangements.

“Alternatively, selling your skills on platforms such as Airtasker is another way to give your income a boost.”

Highest-paying side hustles

If you’re keen to pick up a side hustle or take advantage of your existing skills, here are the 10 highest-paid skills on Airtasker:

  1. Builder - $721

  2. Cement rendering - $704

  3. Ventilation installers - $635

  4. Painting and painting services - $623

  5. Concreter (including formwork) - $616

  6. Insulation installation - $593

  7. Concreter (excluding formwork) - $581

  8. Flooring - $554

  9. Carpet and tile flooring installation - $550

  10. Ceiling contractor - $543

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