How to create more businesses

By Adam Triggs
Updated July 1 2021 - 4:51pm, first published September 28 2020 - 5:30pm
Australia's ability to create new businesses that employ people wasn't strong even before the pandemic. Picture: Shutterstock

A wave of business closures is coming. About 2.4 million businesses were operating in Australia at the end of June 2019; just 12 months later, more than 900,000 of them were on JobKeeper, meaning that at least a third of all businesses have suffered substantial declines in turnover. Changes to bankruptcy laws will ease the process, but the sad reality is that many of these businesses will shut down as JobKeeper, debt deferrals and rent reductions are phased out.