Are you considering starting your own business but are wondering whether this is the right time?
After all, the country is currently experiencing an average of 50,000 new cases every day, and new variants seem to appear every few months.
While this is a legitimate question to ask yourself, we’d argue that Australia is one of the best countries to start a business in right now.
So, let’s analyse the state of COVID-19 in Australia.
The Sanitary Situation
As mentioned above, the current average of COVID-19 cases sits at a bit over 50,000 cases a day. What’s more, there are currently over 3,000 people hospitalised across the country and approximately 26 deaths every day over the last week (at the time of writing this).
Yet, restrictions have gradually been lifted across the country, with over 95% of the population aged over 16 being fully vaccinated at the time of writing.
One of the most anticipated measures was the lift on the travel ban. And after more than 18 months of isolation, during which Australians were banned from travelling abroad and foreigners from visiting Australia, the country finally lifted some border restrictions on the 21st of February 2022.
The Economic Situation
When the pandemic of COVID-19 hit the world in early 2020, Australia made a radical decision.
It was going to close its borders and impose strict lockdowns and social distancing measures in a bid to prevent the spread of the virus. And even though few countries decided to follow this drastic strategy, as it would involve significant economic consequences for businesses, the responsiveness and flexibility of the federated states and the Australian government have enabled the country to limit the number of cases and deaths while still limiting the damage to its economy. In fact, during the 2021 December quarter, the economic growth rebounded to a spectacular 3.4%, beating market expectations.
Besides, while there’s no doubt many industries have been heavily impacted, such as the tourism and hospitality industry, others have thrived during the period. The fact that businesses had to close shop for a significant period has led them to open up to other sales avenues and adopt a creative approach which ultimately paid off for many. Plus, retail sales bounced back in January and February 2022, and the unemployment rate decreased to 4% in March 2022.
The economy is expected to continue to expand at a healthy pace this year due to the removal of COVID restrictions, a healthy job market and a high level of accumulated savings over the last two years which should all contribute to fuelling the economic growth.
Here are some industries that are predicted to continue growing post-pandemic:
- Healthcare
- Software & Analytics
- Robotics
- E-commerce
- Virtual Reality & Metaverse
- Construction
So, Should You Start A Business In Australia Now?
If you’re interested in starting a business in one of these fields, there’s never been a better time! And don’t forget to use our free instant quote generator to get an estimate on market-leading insurance in seconds for a range of occupation types. We save you the hassle of looking for affordable business insurance such as public liability, professional indemnity and cyber liability insurance by using our proprietary quoting system that only asks two questions before showing you a price!
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