IAG-backed NRMA Insurance (NRMA) has teamed up with McKell Institute to highlight microbusinesses' contribution to the Australian economy and communities.
The report delved into changes in Australia's microbusiness sector, how the COVID-19 pandemic affected it, and its economic contribution compared to small businesses.
It found that microbusinesses, which commonly employ up to four people, account for 89% of all businesses in Australia.
Over the past four years, the microbusiness sector increased by 14% to 2.28 million businesses, employing 2.9 million Australians – making it the fastest growing sector in the small business community.
“There are incredible opportunities for this sector, not only in economic contribution to the nation but also the positive impacts many of these businesses have within their local communities,” said NRMA CEO Julie Batch.
Despite growing rapidly, the Australian microbusiness sector continues to face challenges.
The report revealed that microbusiness owners face:
“NRMA Insurance supports more than 70,000 small business owners across the country, and we are dedicated to helping our customers overcome some of these challenges by providing a range of insurance options and a simplified digital experience when taking out a policy, as well as access to our specialist consultants,” Batch said.
The report said the following could help the Australian microbusiness sector grow further:
