February 27, 2020
In February, the Australian Bureau of Statistics (ABS) announced the release of counts of Australian Businesses, including Entries and Exits. Let us take a look at what these recent figures mean for the Kimberley.
Recent figures show an estimated positive net increase of 15 businesses across the region or 0.9% in relation to 2018 (when there were more business exits than entries). This net increase was boosted by the Derby West-Kimberley addition of an estimated 9 new businesses, plus 5 new businesses in the Shire of Wyndham-East Kimberley. This gives the Kimberley an average of 6.3 businesses per 100 residents, which is comparable with other regions in WA. The table below shows a breakdown for the region by industry and employee size range.
When it comes to the turnover generated by the businesses in the Region, figures for 2019 showed that over 70% of all businesses generated a turnover between $50k and less than $200k, which demonstrates the significance of small business enterprises (SMEs) within the Kimberley economy. A breakdown in turnover for the region is below.
Overall, business counts in the Kimberley show that we remain a relatively diversified and stable economy. More than half of all businesses in the region remain sole proprietorships, with several Awards set to be held in 2020 to acknowledge and celebrate the importance of small business in the region. This includes the Small Business Awards in the East Kimberley (April), Broome Business Awards (June), and the Kimberley Economic Forum in the East Kimberley (expected in September).
Further information on Catalogue 8165.0 Counts of Australian Businesses, including Entries and Exits is available on the ABS website.