INTHEBLACK August 2024 - Flipbook - Page 50
F E AT U R E
Small businesses in Australia
may have the potential to help
drive productivity growth.
There are 2.5 million small
businesses in Australia, which
provide about 5 million jobs.
Small businesses face a range
of obstacles but supporting
them is essential.
Small
business
productivity
potential
Micro-businesses, startups and small enterprises may
hold the key to the next phase of productivity growth
in Australia, but bringing younger entrepreneurs on
board will be crucial.
Words Cameron Cooper
Entrepreneurial small business successes have long been
part of the folklore of Australian commerce.
Qantas, Cochlear, Atlassian and Canva all started small and later
soared to great heights. Today, the hope is that a new generation
of small businesses and startups can help propel the nation’s economy.
The Australian Government’s Intergenerational Report 2023:
Australia’s future to 2063 forecasts the economy to “grow by an average
of 2.2 per cent per year in real terms over the next 40 years compared
to 3.1 per cent over the past 40 years”.
Weaker productivity growth is thought to be part of the reason for
this decline.
50 INTHEBLACK August 2024
