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Economics update | August 26, 2022
25 Aug 2022
ABS Counts of Australian Businesses released
As of June 30, 2022, there were 2,569,900 actively trading businesses in the Australian economy. This is an increase of 167,646 (7.0 per cent) operating businesses in 2021-22 compared with 2020-21. This is over double the increase in operating businesses seen between the COVID-riddled 2020 to 2021. Of the increase in operating businesses, 140,102 are non-employing businesses, being a 9.9 per cent change from 2020-21 numbers.
There were 472,731 entries with an entry rate of 19.7 per cent and 305,085 exits with an exit rate of 12.7 per cent. This is a significantly larger increase in entries seen in comparison to the prior three years, with June 2018 to June 2021 averaging 349,642 entries.
The industries with the largest net increase in businesses were construction (411,801); professional, scientific and technical services (315,323); and transport, postal and warehousing (195,803). The largest percentage growth in businesses was in the administrative and support services industry, rising by 14.7 per cent.
2022 Consultation on Critical Technologies
The Australian Government has opened consultation on the 2022 list of critical technologies in the national interest. These current and emerging technologies are considered critical to provide Australia a clear competitive advantage, accelerate productivity growth, create well-paying jobs, and secure supply chains.
This list allows discussions surrounding investment and collaboration across all sectors of the economy to be focused and targeted. It will build upon the 2021 list which features 63 technologies across seven categories: advanced materials and manufacturing; AI, computing and communications; biotechnology, gene technology and vaccines; energy and environment; quantum; sensing, timing and navigation; and transportation, robotics and space.
Closing on September 30, submissions can be made here.
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