20 December 2017
Employment and payment times positive for ACT small businesses
New figures released this week have confirmed the ACT is a hotbed for the emergence and growth of successful small businesses.
A report released yesterday by Xero named small businesses in the nation’s capital as some of the healthiest in the country.
The Xero Small Business Insights analysed data across the 12 months to October 2017. It found small business employment growth in the ACT was the highest in the country and small businesses in the Territory are also some of the fastest to be paid.
“Employment is very strong in the ACT at the moment,” Canberra Business Chamber CEO, Robyn Hendry said. “A large reason for our low unemployment level is our dynamic and robust small business sector. Of the 26,000 businesses operating in the ACT, 97 per cent are small businesses.
“While the employment trend is encouraging, we must continue to work to ensure that local businesses have access to the skilled employees they need. Skills shortages continue to be a concern for Canberra businesses.”
Canberra Business Chamber Is particularly pleased by the news that small businesses are being paid on average within 31.35 days for invoices with 30-day payment terms.
“It was just this time last year the Australian Small Business and Family Enterprise Ombudsman had to self-initiate an inquiry into payment times and found that payment delays were a systemic problem which impacted heavily on small business cash flow and viability,” Ms Hendry explained.
“Today’s revelations show improvements are being made that will help ACT small businesses maintain solvency and enable them to plan for the future.”
Media Contact: Robyn Hendry, CEO Canberra Business Chamber 0418 462 151