Home topics news Credit: Eduardo Soares News News Sole traders embrace inflation’s test Yajush Gupta July 20, 2023 New research reveals that Australia’s 1.5 million sole traders are displaying remarkable resilience in the face of inflation’s negative effects. According to the latest Hnry Sole Trader Pulse, the most extensive nationwide survey of self-employed individuals in the country, an overwhelming majority (75 per cent) of sole traders are finding contentment in their chosen professions, despite economic pressures. The survey highlights the positive outlook maintained by a substantial portion of sole traders concerning their work life. A significant 68 per cent of respondents appreciate the freedom that comes with independent earning, allowing them to chart their own course in the professional realm. Additionally, 56 per cent of sole traders report achieving a favourablee work-life balance, demonstrating their ability to successfully blend personal and professional commitments. Nevertheless, inflationary challenges are leaving their mark on these entrepreneurs’ livelihoods. The survey indicates that as interest rates rise and prices soar, 75 per cent of sole traders have witnessed an increase in their expenses for supplies and services over the past three months. This figure is notably higher than the 70 per cent reported in March 2023. Consequently, 63 per cent of sole traders are facing financial strain, either resorting to tapping into their savings or reducing their savings contributions. Amid this climate of economic uncertainty, sole traders are employing various strategies to navigate the challenges posed by inflation. The survey identifies three primary options that