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Profitability of Queensland Small Businesses Increases Amidst Pandemic

A recent report from the Queensland Small Business Commissioner reveals that profitability among Queensland small businesses has risen significantly since 2019. The report shows that profitability has increased by 42%, outpacing the rise in wages/salary (22%) and total expenses (21%). This positive trend demonstrates the resilience and growth of Queensland small businesses throughout the COVID-19 pandemic.

Resilience and Growth: Small Businesses Thrive in Key Industries

The Queensland Small Businesses Outlook ÔÇô Beyond the pandemic report highlights the survival and growth of small businesses in various industries. Over the past four years, small businesses in sectors such as agriculture, healthcare, and real estate have experienced above-average survival and growth rates. The report provides key data and insights into the strength of the Queensland small business community.

Household Spending and Small Business Profitability through COVID-19

Amidst the pandemic, Queensland’s household spending faced a severe but short-lived impact. However, the report indicates that household spending has rebounded strongly. In March 2023, household spending growth was 28.3% higher compared to the same period pre-COVID (March 2019). Notably, consumer spending for hotels and food service grew by 50%, while recreation/culture and clothing/footwear saw significant increases of 46% and 41%, respectively.

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Promising Survival Rate and Sector Growth

With ongoing community spending and government support, Queensland small businesses have experienced a slightly higher survival rate compared to the national average. Between 2018 and 2022, the survival rate for Queensland small businesses rose to 64.3%, just shy of the national survival rate of 65%. Additionally, the number of small businesses in Queensland has grown by 9.5% since mid-2020, surpassing the national average of 7%. Regions such as Ipswich, Logan, the Sunshine Coast, and Central Queensland have witnessed the largest small business growth.

Government Support and Encouragement for Small Businesses

Minister for Employment and Small Business, Di Farmer, emphasizes the Queensland Government’s support for small businesses during the COVID-19 pandemic. The government provided over $2.5 billion in assistance, including grants, loans, red-tape reduction, and financial counseling. This support has allowed many small businesses to recover from the brief dip in household spending in 2020 and subsequently return to profitability and job creation. The Minister sees the report as a source of confidence for Queensland innovators, creatives, and entrepreneurs, encouraging them to dream, develop, and launch their businesses.

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The Role of the Queensland Small Business Commissioner

The report also highlights the role of the Queensland Small Business Commissioner. Established by the Queensland Government in May 2022, under the Small Business Commissioner Act 2022, the Commissioner aims to enhance the operating environment for small businesses and reduce the time and costs associated with resolving disputes involving small businesses. The Commissioner operates independently and serves as a valuable resource for small businesses in Queensland.

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Looking Ahead: Leveraging Insights for Success

The report concludes with statements from Queensland’s Minister for Employment and Small Business, Di Farmer, and the Queensland Small Business Commissioner, Dominique Lamb. Both highlight the importance of small businesses in the Queensland economy and the need for data-driven insights to support their growth and success. Minister Farmer acknowledges the challenges faced by some businesses due to cost-of-living pressures but expresses optimism about the positive data emerging. Commissioner Lamb emphasizes the importance of managing costs, profit margins, and wage ratios while closely monitoring business performance.

The Queensland Small Businesses Outlook ÔÇô Beyond the pandemic report provides valuable insights and benchmarks for small businesses across Queensland. The AI legalese decoder, with its ability to analyze and demystify legal jargon, can assist small businesses in understanding and implementing the recommendations presented in the report. By harnessing the power of AI technology, small businesses can make informed decisions to drive their prosperity and contribute to Queensland’s economic growth.

For more information and access to the full report, please visit https://qsbc.qld.gov.au/beyond-covid.

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