The latest data from Xero Small Business Insights shows that small business revenue grew 5.2% year-on-year in September, which is just higher than the average annual revenue growth before the crisis hit.
Despite lockdowns in Victoria continuing to impact most industries, the state recorded a slight year-on-year revenue rise 0.4%. This is a significant turnaround from the 6% year-on-year decline recorded in August. Health care, manufacturers, professional services and retail trade sectors were the main contributors to the increase. The easings of restrictions on businesses in regional Victoria allowed retail and some personal services to re-open and hospitality to allow outdoor dining helped to boost state-wide revenue growth.
To see the full breakdown insights about this month’s data – including how casual jobs are leading the rebuild – please see our September update. If you’d like to see comparative COVID-19 insights across Australia, the UK and New Zealand, see our XSBI website.