Small businesses are the beating heart of the country, their contribution is significant, and they must be encouraged to flourish.
Small businesses are not a monolith.
Every small business owner faces a unique situation – a distinct set of challenges and opportunities, headwinds and tailwinds.
The latest report from COSBOA and Square serves to highlight this reality.
Looking across the data, we see businesses growing at different rates, all dependent on where they operate from, which sector they operate in, and how big their business is.
The lesson for policymakers is clear: nuance is the name of the game.
Policy supports must be tailored, targeted and timely if they are to foster productivity and sustainable growth among Australian small businesses.
Indeed, policy prescriptions should reflect data-driven learnings gathered at the whole-of-economy level right the way through to what is observable in the many and varied cities, regions, communities and sectors of Australia.
Beyond the national aggregate insights, the individual experiences and voices of small businesses should also be routinely sought out, heard in policy discussions, and reflected in initiatives coming from all levels of government.
STATE OF SMALL BUSINESS DATA REPORT
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