The latest report by COSBOA and Square has found that Australian small businesses are showing resilience, but rising costs, workforce shortages, and other factors are slowing growth and forcing adaptation.
Key findings
Australia's small businesses have found themselves navigating through the perfect storm of economic challenges. Despite the headwinds of severe workforce shortages, slowing sales growth, and escalating operational costs, their resilience has been nothing short of remarkable. Nevertheless, the storm is far from over, and the current economic climate and regulatory burdens intensify their struggle. The need for supportive policies and initiatives is more critical than ever.
This report is designed to fill the gaps in macroeconomic data to tell the whole story of what small businesses are experiencing and provide further context and clarity to small businesses, industry, and decision-makers, aiding evidence-based decision-making.
Read the full report here.
“Australian small businesses are facing a storm of rising costs—energy, rent, and insurance premiums. As we battle inflation, it's crucial to keep the needs of small businesses at the forefront."
- Luke Achterstraat, CEO, COSBOA