Impact of Small Businesses on the Economy a Positive

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Small businesses are critical to the ongoing recovery of Australia’s economy from the losses sustained by the pandemic’s impacts.

Small businesses were significantly impacted by the pandemic’s effect on the community and the restrictions put into place by the Australian government. Many suffered up to an 80 per cent drop in trade during lockdowns, but other businesses benefited from government schemes like Jobkeeper or Jobmaker.

Migrant-run small businesses could be the driving force behind rebuilding the economy, according to a recent report from the Scanlon Foundation Research Institute.

As key community employers, small businesses are responsible for producing more than a third of Australia’s gross domestic product. Small businesses have reportedly created $414 billion, and employed 44 percent of Australia’s workforce.

According to the report, more than a third of Australian small businesses are run by migrants or their Australian-born children. These small businesses fill much-needed niches within the community and their impact is clearly visible.

https://www.abc.net.au/news/2021-03-17/small-business-migrants-key-to-rebuild-economy-and-social-ties/100014664

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