10 FACTS about small business in Australia

10 FACTS about small business in Australia

1. There are 2 million small businesses in Australia

2. 97% of Australian businesses are small business

3. Small business contributes 33% of the GDP

4. The most dominating industries of small business are real estate service, construction, professional scientific and and technical services

5. It provides 68% of national employment

6. Small Business pay up to 12% of national tax contribution.  Medium Business 23%, Large Business 65%.

7. Half the small businesses do not survive their first 5 years

8. Cash flow is the most concerned management problem

9. The majority of small businesses go bankrupt due to lack of strategic planning and poor financial management

10. Most small businesses do not seek for professional advice

Statics and resources gathered from

ABS(Australian Bureau of Statistics): http://www.abs.gov.au/

ASIC(Australian Securities and Investments Commission):https://asic.gov.au/

ATO(Australian Taxation Office): https://www.ato.gov.au/

ASBFEO(australian small business and family enterprise ombudsman): https://www.asbfeo.gov.au/