Australia is losing thousands of local businesses every year
Data from the Australian Bureau of Statistics (ABS) shows that the number of Australian business is actually declining.
Australia lost over 11,000 businesses on average between 2011 and 2015, ABS stats on the number of active Australian businesses reveal.
At the start of the June 2011 financial year there were 2.13 million businesses active in Australia. But there were only 2.12 million operating by June 2015.
The 2011-12 financial year actually saw an increase in the number of new businesses in Australia. 287,521 new businesses were introduced and 278,653 closed - a overall balance of +8,868.
Unfortunately, the next financial year was not so successful for Australian businesses and companies. Only 238,229 were introduced and a whopping 300,843, disappeared leaving our overall balance at -61,614.
Although the subsequent few financial years has helped to build the numbers back up, Australia is still 11,000 down on where it was four years ago.
Support Australian businesses
Head to the True Blue Australia Day sale page to find out more.
Other data from the ABS demonstrates that more than half of Australian businesses fail within the first three years of starting. Although this can attributed to a number of issues, overseas competition is one of the most significant problems. In fact, a survey conducted by Marks Sattin showed that the second-biggest challenge faced by Australian businesses is overseas competition.
For this reason, if consumers actively choose to shop Australian, it can make a real difference to the survival rate of Aussie businesses and jobs.
For Australians who want to do more to support Australian businesses you can read more about 10 ways to support local companies. Or you can head to the True Blue Australia Day Sale page to learn about which businesses are Australian and access some awesome discounts in honour of Australia Day.
- Signing for credit card payments is so last century
- Cheap Travel Deals of the Week: AirAsia, Accor, DiDi, Skydive Australia
- Score up to 33% off and free perks with Celebrity Cruises Worldwide sale
- Ticketmaster goes blockchain, and it’s easy to see why
- Coinbase co-founder: Blockchain will make gaming economies real