Australian Bureau of Statistics (ABS) shows 344,472 new businesses entered the economy compared to 297,821 businesses that exited in the same year.
Employment suffered though, with solo operations growing while medium-sized businesses employing between 20 and 199 people shrank 12.3 per cent and businesses employing more than 200 people shrank 5.3 per cent.
The biggest growth areas were transport, postal and warehousing; professional, scientific and technical services; and healthcare and social assistance.
The number of businesses in agriculture and forestry shrank one per cent for the year.
The impact of the pandemic is clear in an experimental set of data released by the ABS based on business activity statements to the Australian Tax Office.
To June 2020, surviving businesses falling into the ‘zero to less than $50,000’ turnover range increased by 33,046 businesses.
The Victorian Opposition says the latest payroll jobs figures show little sign of a recovery in Victorian jobs and the need for additional business support.
Jobs growth languished at one per cent during the last reporting period in January and Shadow Treasurer Louise Staley said business had been further hit by the latest lockdown.
“I am calling on Daniel Andrews to compensate small businesses hit hard by his sudden lockdown as soon as possible,” she said.
The Andrews Government is considering further support but has not announced details.
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