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Queensland Economic Advocacy Solutions

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Queensland Business Numbers Continue to Rise

The ABS have released their Counts of Queensland Businesses including entries and exits and the story in the main is a positive one for Queensland in 2017-18. 

Key points include:

  • Queensland's business population continues to increase. There are now 448,725 businesses operating in Queensland in 2017-18 up by 11,079 or 2.5% on 2016-17 (437,646);
  • Compared to other States, Queensland is mid range for percentage growth in 2017-18. NSW and Victoria are the leading States with Queensland ranked third;
  • The Queensland entry rate or the number of new businesses starting up was 67,190 or 15.4%. This is up on previous years and is a good sign of confidence in starting a business in the Sunshine State;
  • However the exit rate also rose to 13.0% in 2017-18. That is 56,717 Queensland businesses exited the economy;
  • The area of opportunity for Queensland is improving our business community's survival rate. For an existing business in 2013-14 it had only a 63.3% survival rate to 2017-18. For a business that newly established itself in 2013-14 its survival rate was 53.2% (one of the lowest survival rates in Australia); and
  • Finally 97.6% of all businesses in Queensland are a small business employing less than 20 employees.

 

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