Small business owners

By Australian Small Business and Family Enterprise Ombudsman

AUSTRALIA’S small business owners are rapidly getting older as the proportion of younger entrepreneurs shrinks, according to research from the Australian Small Business and Family Enterprise Ombudsman.

Ombudsman Bruce Billson said the most common age of small business owners across Australia is 50 years, compared to 45 years in 2006.

“In the 1980s there were actually twice as many small business owners aged between 30 and 49 as there were aged over 50,” Mr Billson said.

“The Intergenerational Report being released by the Treasurer this week highlights the ageing of the population and the quest to make our economy larger to meet the challenges and opportunities of the future.

“Small businesses, which account for 97% of all businesses and provides jobs for over 5.1 million people and employs 42% of all apprentices and trainees, stands at the epicentre of this mission and energising enterprise will help deliver the growth to meet future needs.

“But the small business sector faces its own demographic challenges with only 8% of small business owners aged under 30. It is half the peak for this age group.