Survival Of Small Businesses Must Become The Number One Priority For Governments

Wednesday 25 March, 2020 | By: Dr Marcus Smith

ABS business counts statistics for June 2019 show that the Queensland business community grew by 2% or 9,145 businesses to 457,902 businesses Non-employing, medium and large-sized business grew over the 12 months, while the number of small businesses employing between 1 and 19 workers fell by over 700 (-0.4%) It is not clear the number of businesses with 1-19 employees that grew to 20 or more employees, and how many of those businesses simply closed Of those employing small businesses of 1 to 19 staff, decreases occurred in industries including retail trade, transport, postal and warehousing, manufacturing, hospitality and agriculture. Business survival rates over the 5-year period indicate that of those businesses operating in June 2015 only 63.9% were still operating in June 2019 For new business entries in 2015-16 only 53.1% survived until June 2019 There were 1,607 company insolvencies in Queensland in 2019, which is a run rate of over 4 businesses per day New stimulus measures have been squarely aimed at cushioning the blow for businesses as new border and business closures will significantly impact business owners as well as employment in service based businesses across the nation Read more.

The Question Is Not If, But How Much, Coronavirus Will Affect Queensland’s Economy

Thursday 5 March, 2020 | By: Dr Marcus Smith

The Courier Mail published an article entitled “Coronavirus to cause chaos for Queensland businesses[]” on the 6th February 2020 outlining concerns of businesses about emerging issues surrounding the evolving crisis in China and the potential implications on economic activity in Queensland if it is not resolved quickly. Read more.