Nothing Small About Small Business

The latest Small Business Matters Report has shown the economic value of Australian small businesses is now more than half a trillion dollars.

That figure represents a 15% annual increase, with small businesses now contributing a third of the entire country's GDP.

Employing more than 5 million people, Australia's 2.5 million small businesses represent 98% of all businesses.

However, despite their significant economic contribution, running a small business isn't easy.

Almost 43% of small businesses aren't profitable, and three-quarters of small business owners earn less than the average wage.

Chamber president, Simon Penrose, said the report was an accurate reflection of the small business community in Brisbane's north.

"Small business owners are hardworking and incredibly productive, and that's why their economic contribution is so enormous.

"But they do it tough and regularly sacrifice paying themselves a wage for the sake of their business and their employees.

"That's why it's so important for Government decision-makers to do everything they can to remove barriers that prevent small businesses from getting ahead and continuing to drive Australia's economy."

The Small Business Matters Report is prepared by the Australian Small Business and Family Enterprise Ombudsman. Download the report here.