We all know that small business is important to the overall economy of Australia, and a new figures show that the sector has seen remarkable growth in the two years since the height of the global financial crisis.
According to the Minister for Small Business Brendan O’Connor, as well as the recent Australian Small Business: Key Statistics and Analysis report, 260,000 new small biz jobs have been generated over the past couple of years, nationwide.
It’s nice to be needed
O’Connor says the report provides a valuable overview of the sector, with emphasis on business characteristics and performance.
“In the private sector, small businesses operate in every region and industry in Australia, accounting for nearly one-half of industry employment and approximately a third of industry value added.”
O’Connor points to the significant performance in the small business realm highlighted in the report.
“Over the two years to 2010-11, small businesses created an additional 262,000 jobs and contributed an additional $29.6 billion to industry value added.”
“At June 2011, small businesses accounted for almost 98 per cent of all businesses in the agriculture, forestry and fishing sector, about 92 per cent in the mining sector, 89 per cent in the manufacturing sector and 96 per cent in the services sectors.”
The report, compiled by the Department of Industry, Innovation, Science, Research and Tertiary Education, also discusses how businesses engage with finance, innovation and e-commerce.
New research by the Australian Centre for Entrepreneurship Research (ACE) also published in the report provides valuable insights into business closure.
“This research provides a unique insight into the factors that initiate, hinder and facilitate the process of new business creation in Australia,” O’Connor said.
The juicy bit
The report shows that the methods of startup in Australia are totally comparable to the methods upheld in other nations. The report shows that startup founders Down Under like to mix things up with the funding process through market revenue.
At its core, though, this report truly just reinforces everything we here in the big Anthill family already know:
Small businesses rock.
To read the detailed Government explication of just how much small businesses rock around these parts, check www.innovation.gov.au/SmallBusiness/KeyFacts/Pages/default.aspx