How to Make Extra Money in Australia: Practical Ways to Boost Your Income

More Australians than ever are looking for ways to make extra money in Australia outside their main job. Cost-of-living pressure is real, and a single income doesn’t stretch as far as it used to.

According to recent Westpac research, more than half of Australians (55%) are either already earning through a side hustle or actively considering starting one, with the average side hustler bringing in around $736 a month.

That’s not a fortune, but it’s enough to make a dent in debt, build a savings buffer, or put you closer to a goal you’ve been putting off. This guide covers the most practical ways to make extra money in Australia, what you can realistically expect to earn, and what to do with that income once it starts flowing.

Why Australians Are Picking Up Side Income

The numbers say it clearly. The Australian Bureau of Statistics reported nearly one million Australians held multiple jobs as of September 2024, a figure that’s grown 25% over four years, almost double the rate of main job growth.

It’s not just people in financial difficulty driving this. Professionals, parents, and retirees are all getting in on it. Almost a third of side hustlers spend less than $500 setting things up, and most spend fewer than 10 hours a week running their venture.

The Best Ways to Make Extra Money in Australia

1. Sell Your Skills Online

Freelancing is one of the most accessible ways to earn extra income, especially if you already have professional skills. Startup costs are often zero, and you set your own rates.

In-demand skills include:

• Writing, editing, and proofreading
• Graphic design and social media management
• Bookkeeping and data entry
• Virtual assistant work
• Tutoring (maths, English, and sciences are consistently popular)

Platforms like Airtasker connect you with local and remote clients, while tutoring can be done online or in person.

2. Gig Economy and Delivery Work

Rideshare and food delivery remain among the most in-demand side gigs in Australia. There are over 4,000 delivery driver roles advertised at any one time, and the work is genuinely flexible.

You choose your own hours, work around your main job, and get paid weekly. The average hourly earnings across Australian side hustles sits around $52.60, though delivery and rideshare tend to fall below that. Still, for something you can start this week with no upfront cost, it’s a solid option.

3. Sell Things You Own or Make

Got things around the house you haven’t touched in years? Selling second-hand goods consistently earns Australians around $897 per month on average, making it one of the better-returning side hustles.

Good options include:

• Facebook Marketplace and eBay for second-hand items
• Etsy for handmade goods
• Digital templates, print-on-demand, and eBooks for passive-style income

Once set up, digital products can earn while you sleep.

4. Rent Out What You Already Have

Renting out a spare room averages around $667 per month. If you don’t want a permanent housemate, short-stay platforms give you more control over timing.

Other assets worth renting out:

• Parking spaces and storage areas
• Camera or photography gear
• Tools and tradie equipment

One thing to check: if you plan to rent out your vehicle, confirm your insurance covers commercial or peer-to-peer use before listing it anywhere.

How Much Can You Realistically Earn?

Here’s a practical breakdown across common options.

These are realistic ranges, not best-case scenarios. Most side hustlers take a few months to find their feet before income becomes consistent.

What Should You Do With the Extra Money?

This is where most guides go quiet, but it’s probably the most important question. Extra income without a clear purpose tends to disappear into day-to-day spending.

Give the money a job before it arrives. Common goals worth prioritising:

• Building a three-month emergency buffer
• Paying down high-interest debt faster
• Saving toward a vehicle, equipment, or caravan
• Topping up your superannuation

If you’re working toward a bigger purchase, it’s worth exploring your loan options to understand how a side income can support a loan application or reduce the amount you need to borrow.

For those carrying multiple debts at different rates, directing extra cash toward the highest-rate debt first saves the most over time. A debt consolidation approach can also simplify repayments if things have got a bit scattered.

Do You Need an ABN? Side Hustle Tax Basics

Here’s something a lot of people miss: all side hustle income in Australia must be declared on your tax return. There’s no minimum threshold. If you’re earning it, the ATO expects to know about it.

The ATO now receives real-time income reports directly from digital platforms under the Sharing Economy Reporting Regime. Platforms including rideshare apps, food delivery services, online marketplaces, and content platforms are legally required to report what you earn.

Key things to know:

• ABN: Free to register through the Australian Business Register. Worth getting if you’re operating like a business, charging clients, or working regularly.
• GST: If your turnover hits $75,000 in a financial year, GST registration becomes mandatory.
• Tax: Side hustle income is added to your total income for the year. Setting aside 20-30% of earnings is a common approach to avoid a surprise tax bill.

The ATO’s guidance on business vs hobby income is worth a read if you’re unsure where your activity sits. If you end up self-employed or running a registered business, a low doc loan may be worth exploring, as many lenders offer products tailored to borrowers without traditional payslips.

Key Takeaways

• More than half of Australians are already earning or planning to earn extra money through a side hustle.
• Freelancing, gig work, selling goods, and renting out assets are among the most accessible options, with most costing nothing to start.
• Realistic monthly earnings range from a few hundred dollars to over $1,500, depending on time invested.
• Give your extra income a clear purpose: an emergency buffer, debt payoff, or saving toward a goal.
• All side hustle income must be declared to the ATO. An ABN is free to get and worth having if you’re operating like a business.

If you’re financing a vehicle or equipment for your side hustle, or looking to consolidate debt, Loans123 compares 30+ lenders to find the right rate for your situation. Use our loan repayment calculator to run the numbers, or call 1800 079 147 and we’ll do the legwork.

This article provides general information only. It does not constitute financial advice. Please consider your personal circumstances before making any financial decisions. Loans123 holds Australian Credit Licence 512846.