In the wake of the global financial crisis, many Australians have had to find more creative ways of both making and saving money.

Thanks to an explosion in peer-to-peer platforms like Airbnb, which allows people to rent their homes and bedrooms to others, individuals are realising there is value in everything they already own.

At the same time, a new generation of tech-savvy consumers is increasingly opting to rent – rather than buy – goods like bicycles and clothing in order to cut down on spending.

While advocates of the so-called "sharing economy" believe the trend will ultimately transform the way we do business, critics argue entire industries are being unfairly undermined.

Uber driver: Christopher Port

Christopher Port, 67, used to run his own business relocating trucks across Queensland, but after a downturn last year he closed it down.

"I had been driving nearly all my life, in one form or another, mainly trucks and buses," he told 7.30.

These days, he uses his personal car to make him money.

Brisbane man Christopher Port drives an Uber car in his spare time. ( ABC News: David Lewis )

Christopher is a driver on Uber, a ride-sharing application that has become a popular alternative to taxis across the world.

Whenever he feels like it, the Brisbane resident logs on and looks for passengers who need a lift.

"I was looking for something I could do, when I wanted to do it," he said.

Uber now operates in 37 countries and has a market value of around $18 billion.

There are plenty of other people who, like Christopher, are using their cars to earn some extra cash.

Drivers on the American transportation network company Lyft receive donations from their passengers rather than a fare.

Christopher says passengers benefit too.

"I think they get a much cleaner, tidier vehicle and they get a few complimentary things on board," he said.

"We normally offer water and lollies. It's a personalised service."

Airbnb host: Annette Allen

Annette Allen, 53, runs a consultancy business that was hit hard by the global financial crisis.

She decided to rent the vacant lower level of her house to short-term visitors through Airbnb to help supplement her income.

"I hadn't had a chance to have contact with international travellers since I was much younger and suddenly all these people were coming to me," she said.

Annette Allen rents out her spare room on Airbnb. ( ABC News: David Lewis )

The money she earned has not only helped pay the bills but fund renovations to her Brisbane home.

"I've had Americans [come to stay], Finnish people, Swedes, Germans, Kiwis, Russians, Australians as well."

Annette is still amazed that so many people are willing to pay to sleep in her spare room for $55 a night.

"I am constantly in demand," she said.

At the recent soccer world cup in Brazil, a staggering 100,000 plus visitors to the country booked their accommodation through Airbnb.

The company now claims more rooms globally than the entire Hilton Hotel chain.

Peer-to-peer platforms hark back to older times

Rachel Botsman is considered something of a guru on the subject of the sharing economy, having written a book called What's Mine Is Yours while running a consultancy firm specialising in the area.

"It's amazing, actually – over the last three years, it's now a case of what's not being shared," she told 7.30.

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"There's everything from people's back gardens, parking spaces, homes, skills, [and] workspaces. People are realising they can share or access versus needing to individually own."

Ms Botsman insists the rise of peer-to-peer commerce is not a passing fad, but rather a massive global movement transforming people into businesses.

"I believe the collaborative revolution that's happening will be as big as the industrial revolution," she said.

"The sharing economy is the first manifestation of this, because what's happening is a very deep social and economic shift enabled by technology."

While there are fears people are becoming more isolated in the digital age, Ms Botsman argues the opposite is true.

"We used to swap, we used to trade, we used to rent, we used to barter," she said.

"Now these village squares, through technology, are becoming like a global village.

"It's much easier for these behaviours to exist on a scale that's never existed before."

Taxi drivers fighting to maintain monopoly

Not everyone is as enthusiastic about the rise of the sharing economy.

Across the world, taxi drivers have revolted against Uber, staging protests and causing traffic jams in major cities including Paris and San Francisco.

The taxi industry argues Uber has an unfair advantage as its drivers are not required to pay for expensive plates and licenses.

In New South Wales, where the service has been banned, Uber drivers are now being hit with hefty fines.

In Queensland, Premier Campbell Newman initially welcomed the competition, but later stated he would not want his daughters using the service due to safety concerns.

Uber has defended its safety record, saying its drivers have to be at least 24 years old, are required to have a full licence, medical and criminal checks, and can only use cars with four doors made after 2005.

Ms Botsman argues the taxi industry is broken and in desperate need of reform.

"It's not a system that serves the customer well," she said.

"In those industries where the companies have done really well and the middle men have done really well, whether that's Cabcharge or Silverservice, but the drivers themselves and the customers are having bad experiences, they will get reinvented really quickly."

There are also safety concerns over Airbnb, particularly in apartment complexes where residents feel uncomfortable having their neighbours invite strangers into the building without their permission.

Internet forums are filled with horror stories from travellers who have used couch-surfing applications, which match people who need a place to crash for the night with people who have a spare sofa.

Trust, reputation a key factor in sharing economy

Ms Botsman says the sharing economy is very safe because every transaction between strangers is governed by trust and reputation.

"The key ingredient that makes these ideas work is trust," she said.

"Trust is quite an intangible thing so the way you measure trust is through reputation, through ratings and reviews."

In the peer-to-peer market place, individuals are reviewed in much the same way restaurants and hotels are critiqued by customers on a daily basis.

For instance, when Uber driver Christopher Port completes a trip, his passengers give him a score out of five stars and vice versa.

His next passenger can then view his average score, currently a near-perfect 4.9, before they decide to accept a lift from him.

"The interesting thing that we're starting to see is that people are using the reputation they're forming in the sharing economy to get a lease on their house, to negotiate, to take it to the bank manager and say this is a really good representation of who I am as a person," Ms Botsman said.

She believes that within 10 years the sharing economy will be integrated into the broader economy and will be a regular part of our lives.