[adning id=”12070″]

[adning id=”12070″]

Insights from the 2023 Small Business Data Report by COSBOA and Square

In the face of unprecedented challenges, the Council of Small Business Organisations Australia (COSBOA) and Square Australia have jointly unveiled their illuminating 2023 Small Business Data Report. This comprehensive analysis delves into the struggles and triumphs of Australia’s small business sector against the backdrop of a turbulent economic landscape.

Luke Achterstraat, the CEO of COSBOA, emphasised the report’s role in shedding light on the harsh realities confronting small businesses throughout 2023. Operational hurdles, dynamic market entries and exits, coupled with the impacts of rising interest rates, inflation, and cost of living pressures, have created a complex environment for these enterprises and their clientele.

Highlighting the vital role played by small businesses in the Australian economy, the report indicates that these entities contribute approximately 42% of private-sector employment and contribute one-third of the gross value. With 97.5% of all businesses falling into this category, comprising roughly 2.5 million entities, they generate a substantial $500 billion in economic activity, constituting a significant one-third of Australia’s GDP.

Achterstraat underscored the symbiotic relationship between the performance of small businesses and the overall health of the Australian economy. “If small businesses are doing well, then the Australian economy is doing well too,” he stated.

However, the report also reveals a noteworthy slowdown in consumer spending, accompanied by discernible shifts in consumer behaviours. While most industries still exhibit year-on-year sales growth, the pace has moderated compared to the post-COVID boom experienced in 2021 and 2022.


The 2023 Small Business Data Report serves as a crucial resource for policymakers, offering valuable insights into the challenges faced by small businesses and their implications for future economic strategies. As Australia’s small business sector grapples with multifaceted challenges, this report stands as a testament to the resilience and determination of these enterprises, providing a roadmap for navigating the complex economic terrain.

For more insights, access the full report here.

Source: NRA


Leave a Reply

Your email address will not be published. Required fields are marked *


Get breaking news delivered
This field is for validation purposes and should be left unchanged.


Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?