ABS data confirms tough times for small business

Latest data from the Australian Bureau of Statistics (ABS) confirms there were 849,075 small businesses in NSW as of June 2023, an increase of just 0.8 per cent over the financial year, compared with a 0.6 per cent increase for Australia. The ABS defines small businesses as having 20 or fewer employees. 

NSW Small Business Commissioner Chris Lamont said an increase in the number of business exits (the highest in five years) and very modest growth in the number of new small businesses was concerning and pointed to both challenging conditions and the ageing of small business owners and operators as a group. 

The ABS data identified an increase in the number of non-employing small businesses over the year (up 3.1 per cent) and a decrease in employing businesses (down 2.4 per cent).

See more information on NSW small businesses.