Rachael Donnellan has been renting out clothes from her own wardrobe to make extra cash since 2016 but a recent scam slashed her income by $200 per week.

She's one of thousands of Australians who have relied on side hustles to boost their income as the nation struggles through a cost of living crisis.

Almost 70 per cent of employed Aussies are considering or already engaged in side hustles, according to research by Fiverr — and it's not just young people.

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Almost half (45 per cent) of over-55s actively participate in side hustles compared to 81 per cent of 16 to 24-year-olds.

A survey from Small Business Loans Australia (SBLA) also found that 55 per cent of Aussies hope to start a side hustle or small business within the next five years, many hoping to supplement their income.

That's what Donnellan wanted when she started renting out Kookai dresses as a hobby and turned it into Hire Melbourne, a thriving clothing hire business she co-owns.

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