Tackling the Cost-of-Living Crisis in Australia with Knocknock
The cost of living in Australia is rising, putting increasing pressure on households. From skyrocketing rents and energy prices to the climbing costs of groceries. Many Australians are searching for practical ways to save money and make ends meet. Enter Knocknock, a peer-to-peer rental platform designed to help individuals and communities share resources, reduce costs, and foster sustainable living.
In the understanding of the cost-of-living crisis, the Australian Bureau of Statistics (ABS) reports that inflation remains a major challenge, with essentials like housing, utilities, and food prices climbing significantly in recent years. A 2023 report by the Australian Council of Social Service (ACOSS) highlights that more Australians are experiencing financial stress, with 13.4% living below the poverty line.
For many, the challenge lies in balancing immediate needs with rising expenses. While financial experts recommend budgeting and cutting non-essential expenses, the sharing economy offers a unique, community-driven solution.
Enter Knocknock, a solution built for sharing. Knocknock enables Australians to borrow and rent everyday items instead of purchasing and storing them. Whether you need a power drill for a weekend project, a baby carrier for a short trip, or a kayak for a holiday adventure, Knocknock connects you with locals who have what you need.
Here’s How Knocknock is designed to Help:
Knocknock helps by reducing your everyday costs. Renting an item for a few days costs significantly less than buying it outright. For instance, instead of spending $150 on a pressure washer, you can rent one for as little as $15 for the day. For an item you may only use once-a-year, this is a real practical way of saving money, yet still getting the job done.
Knocknock helps by boosting your income. By listing items, you rarely use—like camping gear or tools—you can generate extra income to help cover bills or other expenses. Or maybe just cover the costs of your weekly coffees!
Knocknock helps with a sustainability approach towards the environment and helps bring a community together. Sharing resources between people means fewer items need to be produced, reducing environmental impact and fostering stronger community ties.
This model is referred to as ‘collaborative consumption’ and as described by Rachel Botsman in ‘What’s Mine is Yours’, encourages sharing resources instead of owning them outright. Platforms like Knocknock harness this principle, enabling users to save money while minimizing their environmental footprint and impact.
Moreover, a 2022 study by Deloitte on the sharing economy in Australia found that 73% of participants believed sharing resources was a cost-effective and sustainable alternative to traditional ownership.
The cost-of-living crisis is a collective challenge, but it also opens the door to collaborative solutions. By embracing platforms like Knocknock, we can reduce individual expenses, create additional income streams, and support a more sustainable future for everyone.
Let’s face the cost-of-living crisis together—one shared item at a time.
References:
- Australian Bureau of Statistics (2023). Consumer Price Index, Australia.
- Australian Council of Social Service (ACOSS) (2023). Poverty in Australia 2023.
- Botsman, R., & Rogers, R. (2010). What’s Mine is Yours: The Rise of Collaborative Consumption.
- Deloitte (2022). The Sharing Economy: Unlocking Value for Australians.