Side hustle, or tax-time write-off? Startups on the rise
- 34,868 new businesses registered in Australia in June.
- 150,000 new businesses registered this year.
- New business growth up 19% over five years.
The pandemic is fueling a surge in Aussie startups, with a total of 34,868 new businesses registered in June, according to data by the Australian Securities and Investment Commission (ASIC).
The growth in business registrations has coincided with lockdowns in the Eastern States, possibly as people reevaluate their employment circumstances.
NSW was responsible for 35% of all new business registrations, followed by Victoria at 29% and QLD at 19%.
Typically, the end of the financial year spurs people into registering businesses, with many wanting to meet the end of the financial year deadline to obtain tax write-offs.
However, in the midst of the pandemic, this year proved higher than usual for new business ventures.
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