Australians are feeling the pinch this holiday season. A recent survey shows many workers are taking on extra shifts to afford Christmas. The Centre for Future Work’s report, Go Home on Time Day (GHOTD), reveals Aussies work 6.1 hours of unpaid overtime weekly. This is up from 5.3 hours in 2020.
This means Aussies work 319 hours unpaid each year. That’s over eight weeks of work without pay. It results in an estimated $125 billion lost in income for the economy.
The pressure on household budgets is high. This is due to rising inflation, higher food prices, and stagnant wages. As living costs in Australia rise, many are working longer hours. They sacrifice personal time to afford the festive season.
Major Highlights
- The cost of living crisis in Australia is forcing workers to take on extra overtime to afford Christmas expenses.
- Australians are working an average of 6.1 hours of unpaid overtime per week, up from 5.3 hours in 2020.
- This unpaid overtime amounts to 319 hours per year or over eight standard 38-hour work weeks per worker.
- The total annual unpaid overtime across the economy equals $125 billion in lost income.
- Rising inflation, increased food prices, and stagnant wage growth are the key drivers behind the mounting pressure on household budgets.
Unpaid Overtime on the Rise Amid Economic Pressures
The cost of living crisis is hitting Australians hard. A worrying trend is the rise in unpaid overtime. Workers are losing an average of $460 every two weeks because of it.
This issue is made worse by slow wage growth and underemployment. It leads to less spending and more financial worry. The report shows that many part-time and casual workers want more paid hours.
High energy bills and petrol costs, along with rising interest rates, are forcing people to work extra hours without pay. This not only harms their work-life balance but also hurts their financial health.
“The cost of living crisis has forced many Australians to work overtime just to keep up with basic expenses. This is unsustainable and is taking a toll on people’s mental and physical health.”
The Centre for Future Work’s survey highlights the need for action. Policymakers and employers must protect workers’ rights and ensure fair pay. They also need to help achieve a better work-life balance during these tough times.
Cost of Living Crisis Drives Workplace Changes
The cost of living crisis is affecting the Australian workforce a lot. Both full-time and casual workers are changing how they work and manage their money. Surveys and data show how big these changes are. Employers and policymakers need to help workers deal with these challenges.
Impact on Full-time Workers
Many full-time workers are changing their work habits because of the cost of living crisis. A June 2023 survey by PwC found 26% of global workers plan to leave their job in the next year. Financial stress is a big reason for this.
In Australia, more people are working from home. About 65% of full-time workers did some work from home during the COVID-19 pandemic. But, they face more work demands, with 26% saying they work more outside regular hours.
Effects on Casual Workers
Casual workers are hit hard by the cost of living crisis and economic uncertainty. The survey shows 58% of casual workers have fewer hours because of COVID-19. This makes it hard for them to pay bills and might make them rely more on government help.
Also, 31% of all workers, including casuals, have more family and caring duties because of the pandemic. This makes balancing work and life even harder.
The cost of living crisis has changed how Australians see wealth and success. Now, they value financial freedom, work-life balance, and family more. Employers in Australia need to offer flexible work, mental health support, and chances for career growth.
| Key Findings | Winter 2022 | Winter 2023 |
|---|---|---|
| Employees keeping up with bills without difficulties | 61% | 48% |
| Employees struggling with bills occasionally | 26% | 33% |
| Female employees keeping up with bills without difficulties | N/A | 42% |
| Employees with disabilities keeping up with bills without difficulties | 61% | 33% |
| Employees with adequate pay to support a standard of living without debt | 76% | 60% |
| Employees with sufficient pay to cope with a £300 financial emergency | 63% | 49% |
| Employees with pay enough to help save for retirement | 47% | 30% |
The data shows the cost of living crisis is really affecting Australian workers. It’s about their money and work-life balance. As the economy gets tougher, employers and policymakers must come up with good plans to support workers. This will help keep the economy strong and growing.
Working From Home: The New Economic Reality
Working from home has become a big part of life for many Aussies. A survey found that 65% of workers who started working from home during the pandemic plan to keep doing it. This change means some employers are watching their remote workers more closely.
As Aussies adjust to working from home, they need new ways to manage their money. They might save on travel costs, but they also face higher bills for things like electricity and internet. Finding a balance between these savings and new expenses is key for Aussie workers.
The data shows that working from home is here to stay. People expect to work from home more often than before. Employers are also more open to remote work, with more job ads allowing for it. This shift towards flexibility is shaping the future of work for Aussies.
