QUEENSLAND WINS THIS ORIGIN MATCH

Written on the 5 June 2014 by Nick Nichols

QUEENSLAND WINS THIS ORIGIN MATCH

THE manufacturing sector has undergone a boom in Queensland over the past 12 months with the Bankwest Business Trends Report revealing an extra 11,400 new businesses setting up shop across the state.

This is in stark contrast to NSW where manufacturing has fallen off a cliff, dropping 38.3 per cent through the loss of 8200 manufacturing business in the past year.

“A weaker Australian dollar and rising wages in traditional manufacturing hubs such as China help to make Australia a more attractive base for new manufacturing businesses,” says Sinead Taylor, the executive general manager of business banking at Bankwest.

“It’s also notable that the Queensland Government has an action plan to improve skills and increase the number of skilled workers available to those looking to start a business, which may contribute to the increase.”

Despite the manufacturing surge, construction remains the top industry for workers running a business in Queensland, accounting for 49,600 business owners.

While this is 23.5 per cent lower than five years ago, Bankwest says a rise in the past year may be reversing the trend.

In other findings, the report says more women have set up businesses over the past 10 years (up 3.7 per cent) while the number of men in business has fallen by 9.3 per cent.

Meanwhile, the number of young business owners in Australia has increased substantially in the last 12 months, according to the Bankwest report.

The men and women of Gen-Y make up the majority of more than 15,000 new business owners.  This is a rise in 8.5 per cent by comparison to 2013.

“It’s extremely encouraging to see such an entrepreneurial spirit amongst young Australian men and women,” says Taylor.

Other age groups that have recorded an increase in business owners include workers aged 65 and over, and those aged between 15 and 24.

Author: Nick Nichols

Latest News

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter