Home topics news News News New report reveals microbusinesses driving economy Yajush Gupta July 26, 2023 NRMA Insurance and the McKell Institute have teamed up to present a ground-breaking report shedding light on the pivotal role of micro-businesses in the Australian economy. The report not only underscores the significant contribution omicro businesses but also emphasises the growing influence of women entrepreneurs in this dynamic sector. The report, titled “Micro but Mighty: Magnifying Microbusiness in Australia,” commissioned by NRMA Insurance, reveals that microbusinesses form an astounding 89 per cent of all businesses in the country. This sector, known for employing up to four people, has become the fastest-growing within the small business community. Over the past four years, microbusinesses have experienced an impressive 14 per cent increase, catapulting their numbers to 2.28 million, and providing employment opportunities to a staggering 2.9 million Australians. The report attributes this remarkable growth to various factors, including the impact of the COVID pandemic. Women entrepreneurs on the rise One of the report’s crucial findings is the significant presence of women in the microbusiness sector. Contrary to stereotypes, a growing number of women are actively starting their businesses, with the latest figures showing that 35 per cent of Australian businesses are owned by women. The report showcases inspiring case studies of women microbusiness owners provided by Mums & Co., further highlighting their substantial influence on this burgeoning segment. The report identifies several unique challenges faced by microbusiness owners, such as limited access to resources and specialized