Growth and confidence
Small and family businesses are vital to the Queensland economy, particularly in regional and rural communities, where they are a key private sector employer and enabler of local economic growth.
Many of these businesses are family-owned and operated. They are pillars of their local community, often passed down through multiple generations. A key feature of family-owned small businesses is their long-term focus and their connection to supporting local economies and communities.
Small and family businesses are the cornerstone of many sectors. Key strategic agendas being driven by the Queensland Government are enabled by and offer significant potential to grow and strengthen this sector to benefit all Queenslanders.
Opportunities for small and family business include those associated with industry strategies currently under development for the tourism and agriculture sectors. Together with the Brisbane 2032 Olympic and Paralympic Games, these strategies will showcase Queensland on the world stage, supporting export and trade growth and new opportunities for the small business sector.
Figure 1. Forecast of small business growth to 2032.
Reference: Actual data series source, Australian Bureau of Statistics (ABS) Counts of Australian Businesses, Including Entries and Exits (CABEE Data).
By 2032, Queensland is estimated to have over 615,000 small businesses operating across the state. This represents significant economic potential for Queensland – driving economic growth, private sector job opportunities and broader economic prosperity. The Queensland Government will play a lead role in unleashing this potential by creating the right conditions for small and family businesses to grow and thrive, as well as encouraging new businesses to open their doors.
Our objective is to not only grow the number of new small and family businesses in Queensland but to create the right conditions for existing business to grow and expand – to have the confidence to invest in capital and take on their next employee.
With an ageing profile (approximately 20.8% of Queensland small business owners are aged over 60 years), a key priority for maintaining and growing Queensland's small business sector is creating the right settings to continue to attract enterprising younger cohorts to the sector. To attract young people to the small business sector, policies should focus on promoting entrepreneurship, providing accessible resources, and addressing skills gaps, while also showcasing successful youth-led businesses as role models to their peers and future generations.