
Australia's minimum and award wage increase to impact 260,000 small businesses
Approximately 260,000 small business owners will need to make payroll adjustments due to an increase to minimum and award wages from 1 July 2023.
Recent research by Xero surveyed over 4,600 small business owners across seven countries, including Australia. The findings showed small business owners across the world experience lower levels of wellbeing than the general population.
Some of the main factors impacting wellbeing were business-related stress, lack of time to rest and recover, the fulfilment of work and whether counselling or support networks were accessed or not. Interestingly, small business owners across the world experience similar levels of wellbeing, despite living in very different local economies and situations. This could reflect the shared experiences of small businesses across the world, or indicate that global factors have a larger impact on stress and wellbeing than local and national factors. The research also found younger small business owners were more likely to experience financial distress, and feel more stressed about their employees' wellbeing than older owners.
To help support wellbeing, the report recommends that small business owners should:
Learn more about the research findings in Xero’s The global state of small business owner wellbeing report.
Approximately 260,000 small business owners will need to make payroll adjustments due to an increase to minimum and award wages from 1 July 2023.
The Rural Agribusiness Wellbeing Plan can help you improve and maintain your mental health and manage the day-to-day stress of work, as well as challenging times like busy seasons or adverse events.
Support your mental health and the wellbeing of your small business with a new online training program.
eNews: Bringing together resources from the Ahead for Business digital hub with events and services from the community to support the mental health and wellbeing of small business owners.