Australians ‘scrambling’ for second jobs to deal with rising mortgage repayments and cost of living

AI desk brief

Australia’s unemployment rate rose to 4.6% in August, but economists still expect the RBA to lift the cash rate from 4.35% to 4.6% next Tuesday as inflation remains at 3.5% and fuel costs threaten further price pressure. The combination of weak growth, rising participation and anticipatory mortgage stress keeps the policy outlook hawkish, which is modestly negative for precious metals through a higher-rate backdrop.

The report also points to mounting cost-of-living strain, with more Australians taking second jobs and part-time work rising while full-time employment fell 6,000. That suggests domestic demand is softening, but not enough to offset inflation concerns in the near term.