New figures released by the Australian Bureau of Statistics (ABS)* give insight to the rate of small business growth in Victoria, the fastest growing industries and where those businesses are being established.
According to the ABS, there were 604,379 small businesses (fewer than 20 employees) in Victoria in June 2018, the first time Victorian small business numbers have exceeded the 600,000 mark.
In the year ending June 2018, Victoria saw a net increase of 27,762 businesses representing a growth rate of 4.8 per cent for new businesses, the highest of any state or territory. This is also an increase from the 3.6 per cent growth recorded in the previous financial year.
The local government areas (LGAs) with the largest growth in small business were:
- Wyndham (+17.7 per cent)
- Melton (+13.1 per cent)
- Hume (+11.8 per cent).
The fastest growing industries in Victoria were:
- Transport, postal and warehousing (+23.2 per cent)
- Public administration and safety (+10.0 per cent)
- Administrative and support services (+8.1 per cent)