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Modest “Bounceback” in small business as restrictions ease

Modest “Bounceback” in small business as restrictions ease

  • Business News

October data has revealed an immediate effect of easing restrictions across Australia, with the Xero Small Business Index rising by five points.

Sitting at 94, it puts it only six points behind the index average of 100.

Small businesses, primarily in the states of Victoria, NSW and the ACT have contributed to this slight increase which, as stated in the Xero Small Business Index, shows positive signs for the future of small business nationally.

“While the Index only showed a modest increase, keeping the overall small business performance below average for the third consecutive month, it provides an early indication of what can be expected after a full month of eased restrictions.”

XERo small business index

While the signs are remaining positive for small business this festive period, all Australians are still urged to shop local to continue this post lockdown recovery trend.

“It’s likely it will take a while for small businesses impacted by lockdowns to get back on their feet, according to the latest Xero Small Business Index data,” said Managing Director Australia and Asia, Xero, Joseph Lyons.

“As we lead into the festive season and summer holidays, it’s really important that Australians continue their support of small businesses, shopping locally wherever they can.

“With density limits easing and borders reopening, it’ll also be great to see holidaymakers exploring their own backyard and supporting local tourism operators while doing so.”

WA job figures continue to grow

Following past month’s trends, the job growth of WA continues to remain healthy, up 5.1% on the previous year.

The unemployment rate also continues to fall, sitting at 3.9% – down from 4.1% in September.

“We were still witnessing a two-speed economy in October, despite restrictions lifting in NSW, the ACT and Victoria,” Mr Lyons said.

“On the jobs front, Western Australia and Queensland continue to be our strongest performers. We will be keeping an eye on November’s results to see how quickly others can catch up.”

According to the recent Budget, the state Treasury estimates an additional 34,000 West Australians will gain employment in 2021-22.

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