NSW tops nation in small business creation
22 February 2019
New data from the Australian Bureau of Statistics (ABS) shows NSW is leading the country in small business creation with net growth of close to 30,000 actively trading NSW small businesses in the 2017-18 financial year.
NSW is now home to more than 765,000 small businesses which is the largest number on record.
The net number of small businesses in NSW grew from 736,000 to almost 765,000 in the 12 months to June 2018, an increase of 4 per cent on the previous year.
Net growth of 26,000 small businesses in NSW occurred in 2016-17 and now the latest financial year has seen another expansion of 30,000 small businesses – the highest net growth of all states.
Since 2014, NSW has seen a net growth of 85,000 small businesses.
NSW’s small businesses employ about 1.59 million people in the private sector – around 44% of the private sector workforce - and generate about $51.42 billion in annual wages and salaries.
Small businesses, those employing 19 or fewer people, make up almost 98% of all businesses in the state.
The NSW Government supports people wanting to set up businesses through initiatives like the award winning Easy to do Business program, the Business Connect advisory service, and support from the NSW Small Business Commissioner and the Department of Industry.
The Easy to do Business program has slashed red tape by cutting the time, cost and complexity of starting a cafe, restaurant or small bar, and has been a huge success with more than 100 local councils now on board.