Home topics news Credit: Steph Hunter News News Report reveals small business’s trillion-dollar impact Yajush Gupta June 27, 2023 Small businesses in Australia have made an astounding economic impact, contributing over half a trillion dollars to the country’s economy, according to a report released by Bruce Billson, the Australian Small Business and Family Enterprise Ombudsman. The report, named Small Business Matters, highlights the remarkable growth rate of 15 per cent in the fiscal year 2021-2022, propelling the sector’s value to an impressive $506 billion, equivalent to one-third of Australia’s GDP. The release of the report coincides with the global observance of World Micro, Small, and Medium-sized Enterprises Day on June 27. It delves into the crucial role played by small businesses, shedding light on their significant contributions across various sectors and industries. Among the report’s key findings is the fact that Australia’s 2.5 million small businesses serve as the backbone of employment, offering job opportunities to an impressive 5.1 million individuals. Notably, these businesses employ 42 per cent of all apprentices and trainees in the country, almost double the proportion supported by larger corporations. The report also emphasises the dominant presence of small businesses, which comprise approximately 98 per cent of all businesses in Australia. This underscores the vast scale and importance of small enterprises in the country’s economic landscape. Bruce Billson, the author of the report, commended the small business community, stating, “Small businesses are the lifeblood of our communities, and we celebrate the vital contribution they make to