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The number of Australian businesses has increased rapidly over the last five years, climbing by over 17 per cent.
This period saw the pandemic come and go, creating unprecedented challenges for the global business landscape.
In this period, some industries thrived while others shrank.
According to The Business Growth Index Australia from Tapt, the industries with the fastest-growing number of businesses between 2019 and 2024 were:
- Healthcare and social assistance (41.2 per cent increase)
- Administrative and support services (27 per cent increase)
- Arts and recreation services (26.9 per cent increase)
- Other services (26.5 per cent increase)
- Education and training (25.5 per cent increase)
- Transport, postal, and warehousing (25.4 per cent increase)
- Finance and insurance services (22.6 per cent increase)
- Professional, scientific, and technical services (16.9 per cent increase)
- Electricity, gas, water, and waste services (16.3 per cent increase)
- Retail trade (15.9 per cent increase)
The immense increase in health-related businesses is due to the impacts of the COVID-19 pandemic.
Other industries saw outside influences hinder growth.
Agriculture, forestry, and fishing saw a decrease of 0.7 per cent. According to Tapt, this was due to issues such as climate change and labour shortages.
Meanwhile, wholesale trade saw subdued growth of 2.9 per cent. This was attributed to the rise of e-commerce and issues with global supply chains.
Further highlighted in the study were the areas of the country that witnessed the largest increase in businesses between 2019 and 2024:
- Melton, Victoria (86.5 per cent increase)
- Wyndham, Victoria (80.6 per cent increase)
- Casey, Victoria (53 per cent increase)
- Hume, Victoria (50.2 per cent increase)
- Camden, NSW (50.2 per cent increase)
- Whittlesea, Victoria (43 per cent increase)
- Cardinia, Victoria (41.5 per cent increase)
- Mitchell, Victoria (40.7 per cent increase)
- Blacktown, NSW (39.6 per cent increase)
- Kwinana, Western Australia (38.5 per cent increase)
Clearly, Victoria has bounced back strong following a crippling pandemic period filled with lockdowns and economic turmoil.
Tapt founder and CEO Elon Datt said business growth is expanding beyond the city as regional Australia becomes a hotspot for opportunity.
“We’re seeing a real shift in where business growth is happening across Australia – and it’s not just confined to the big CBDs anymore. Our analysis shows that outer suburban areas and regional hubs are emerging as powerful engines of growth, driven by a combination of lifestyle appeal, lower overheads, and changing work habits,” said Datt.
“As more people seek flexibility, affordability, and a better work-life balance, they’re choosing to build their businesses closer to home – and that’s changing the business landscape in a big way.
“For anyone thinking about starting a business, now is a great time to look beyond the traditional hotspots. These emerging areas offer strong local demand, growing populations, and often less competition. Importantly, they’re also developing into vibrant local business communities and getting involved in those networks can be a huge advantage. Whether it’s joining local business groups, attending events, or simply connecting with other entrepreneurs nearby, networking in these growth areas can open the door to valuable partnerships, referrals, and support.”
