Magnifying Microbusiness in Australia

This report, titled 'Magnifying Microbusiness in Australia,' is prepared by the McKell Institute for NRMA Insurance. It aims to explore the unique characteristics, economic contributions, and challenges faced by microbusinesses in Australia. The report outlines that microbusinesses, defined typically as having 0-4 employees, are the fastest-growing sector in the Australian economy, increasing by 14% over the past four years. It highlights the significant role women play in this sector, often balancing additional caring responsibilities. The report details the economic impact of microbusinesses, noting their contributions to employment and the economy. It also addresses the challenges these businesses face, including limited access to finance, marketing expertise, and vulnerabilities to cyber security and natural disasters. The report includes real-world case studies from the Mums & Co network, illustrating the experiences of microbusiness owners. Recommendations for government action to support this sector are also provided.