Over the last two years, growth in wages and salaries have not kept up with rises in the cost of living.

The Australian Bureau of Statistics estimates the cost of living for the average “employee household” rose by 16.7% in the two years up to December 2023.

In contrast, average wages, as measured by the Wage Price Index, rose by only 7.7% over the same period.

As a result, many workers have had to either cut back on spending or find ways to supplement their regular income. Perhaps the simplest strategy, especially when demand for labour is strong, is for households to increase their working hours.

This might involve family members who previously did not have paid employment seeking work, or individual household members seeking either more paid overtime or a second job.