The latest figures from the Australian Bureau of Statistics reveals an additional 20,000 actively trading small businesses set up in NSW in the 2015-16 financial year.
Deputy Premier and Minister for Small Business, John Barilaro, said small business owners in NSW are the most successful in the country when it comes to starting new businesses.
“The latest figures from the Australian Bureau of Statistics show the number of small businesses in NSW grew to 710,000 in the 12 months to June 2016, an increase of 3 per cent on the previous 12 months,” Mr Barilaro said.
“This is the largest annual increase of any State, followed by the Australian Capital Territory, on 2.9 per cent, and Victoria, on 2.8 per cent.
“NSW small businesses, those employing 19 or fewer people, make up almost 98 per cent of all businesses in the State.
“They make an enormous contribution to the NSW economy, paying about $47 billion in annual wages and employing about 1.56 million people or almost half of the NSW workforce.
“About 16 per cent of NSW small businesses are in the construction sector, about 13 per cent in professional, scientific and technical services, and 11 per cent in rental, hiring and real estate services.”
Mr Barilaro said the Government is working hard to ensure that people who want to set up a small business in NSW had the confidence to do so.
“We’re working to ensure NSW maintains its position as the number one economy in Australia- the best place to invest, to get a job and run a business.
“Earlier this year we launched Business Connect, a State-wide advisory service offering affordable, high quality advice to help start or grow businesses and thousands of business owners attended more than 160 events around the State during the NSW Government supported Back to Business week last month.”