Australian small businesses in economic decline, plumbing and HVAC sectors rising
Research from Invoice2go found that Australian micro businesses generated $8,315 less revenue for the 2019 financial year than in the previous. This aligned with the recordings that there was negative growth across all sectors except one: plumbing and HVAC.
There are concerns for the small business economy if the downward trend continues through the third quarter in 2019, something that could be defined as a recession.
The plumbing and HVAC sector experienced 3.8% growth and the increased invoiced amount rose from $132,166 to $137,150.
Invoice2go compiled its data from its 29,629 Australian users determined by the average dollar amount invoiced per month by local businesses in each industry.