State of small business in Australia
Small business growth slowed down in 2023 in response to reduced consumer spending, according to a new report from the Council of Small Business Owners Australia (COSBOA) and Square.
The Department of Industry, Science, Energy and Resources recently published a report on small business and mental health. The research provides useful insight into how small business owners have been coping in general, as well as following the bushfires and COVID-19.
The report was written in response to the high levels of mental ill-health reported by small business owners. Responses of over 1000 small business owners across Australia were gathered to look at a variety of different factors including mental health, the needs of small business, stressors faced, support seeking behaviours, and wellbeing strategies used.
Noteworthy findings:
- In the last 12 months, 34% of small business owners reported a diagnosis of either stress, anxiety, or depression.
- Small business owners showing the greatest concern for their mental health were females, those aged 18-39, and those in the start-up/pre-profit stage of their business.
- Older male business owners were less likely to report stress or seeking help for stress.
- Following the bushfires and throughout COVID-19, small business owners felt more stressed than usual. The main sources of stress were financial worries, concern for the future of their business, and concern for the welfare of staff.
- Mental health is not generally a high priority for small business strategy.
The report includes many more mental health findings relevant to you and your small business.
Find out more
Read the full report on the Department’s website here.
