The state of Australian small businesses

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Latest data from the Australian Bureau of Statistics (ABS) shows that the number of small businesses actively trading in the country has increased for the second year in a row.

There are now 2,121,235 businesses operating in Australia; an increase of more than 21,000 over the year to June 2015.

Victoria recorded the largest increase in the number of trading businesses, up 1.6 per cent, while Tasmania was the only state to see a slight decrease of -0.7 per cent.

The ABS identified “financial and insurance services” as the fastest growing “industry division”, emphasising that this group would have declined were it not for the steady growth of superannuation funds.

Companies and trusts continue to increase in proportion to other business structures while sole proprietorships and partnerships continue to decrease.

The ABS data also revealed that construction companies are the most common types of businesses in operation in Australia. The least common are electricity, gas, water and waste services.

The ABS also recorded the accommodation and food services sector has the highest entry rate, whereas the public administration and safety sector had the highest exit rate.

The majority of actively trading businesses had an annual turnover of under $200,000. Business exits were highest for businesses with an annual turnover of less than $50,000, and lowest for those with a turnover of $2 million or more.

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