Business start-ups soar
Close to 72,000 businesses were started in Australia during the June quarter, indicating a rise in business confidence.According to Dun & Bradstreet's latest Australian New and Failed Businesses report, 71,963 businesses launched in the June quarter. This is 4.8 per cent higher than in the June quarter last year and 36.7 per cent higher than in the March quarter this year.The number of businesses that failed in the June quarter fell to 10,642 from 13,023 in the March. However, the number of failed businesses in the June quarter last year was 9304.Dun & Bradstreet's figures are based on an analysis of 2.3 million businesses registered with the Australian Securities and Investments Commission. Failed businesses are those that have entered external administration or liquidation, or have been deemed insolvent and involuntarily deregistered.Dun & Bradstreet said in a commentary that the numbers indicated a marked rise in confidence and favourable conditions for entrepreneurs. New South Wales accounted for 34 per cent of all new businesses started in the June quarter - the highest number for any state or territory. South Australia had the biggest increase in new businesses, with a 44 per cent increase year on year.Western Australia recorded the highest growth in business failures - up 22 per cent year on year.