Financing SMEs and Entrepreneurs 2022

3. Australia

Key facts on SME financing

According to the Australian Bureau of Statistics (ABS), there were 2,418,037 small and medium sized enterprises (SMEs) in Australia in 2019-20. SMEs account for 99.8% of all enterprises in Australia and employed more than 7.6 million people in 2018-19, which equates to around 66% of employment in the private sector.

The Australian economy fell by 0.3% in 2019-20 due to the COVID-19 lockdown recession, after 28 consecutive years of economic growth. The economy continues to recover, and had reversed 85% of the decline from its pre COVID level of output by the end of 2020.

Interest rates are historically low for both SMEs and large businesses. SME interest rates in Australia have gradually declined from 8.6% in 2007 to 3.4% in 2020. The interest rate spread between SME loans and large enterprise loans increased from 71 basis points in 2007 to 170 basis points in 2008, and remained high at 185 basis points in 2017. However, the interest rate spread has declined somewhat to 177 basis points in 2020.

New lending to SMEs declined sharply from AUD 185.2 billion in 2019 to AUD 80 billion in 2020, in the wake of COVID-19. In 2020, the share of SME outstanding loans stood at 42.68% of total outstanding business loans.

The total amount of venture capital invested by registered Early Stage Venture Capital Limited Partnerships (ESVCLPs) and Venture Capital Limited Partnerships (VCLPs) increased in 2017-18 by 32.96%, totalling AUD 1.3 billion, decreased in 2018-19 by 10.56% to AUD 1.1 billion, before rising to a high of AUD 1.6 billion in 2019-20, an increase of 43.28%. Leasing and hire purchase volumes dropped from AUD 9,245 million in 2007 to a low of AUD 6,549 million in 2010. Leasing and hire purchase volumes have recovered since, rising to AUD 10,530 million in 2020, an increase of about 5% over the previous year.

The number of bankruptcies per 10,000 businesses increased from 45 in 2007 to 50 in 2010. It since reached a ten-year low of 29 in 2019, before falling even further to 19 in 2020 in response to COVID 19 related policies. In March 2020, the Australian Government announced a series of temporary changes to bankruptcy law to protect otherwise viable businesses from bankruptcy. These included a new formal debt restructuring process, and a simplified liquidation pathway; with the new processes available to incorporated businesses with liabilities of less than AUD 1 million.

The Australian Government has a comprehensive SME agenda aimed at promoting growth, employment and opportunities across the economy. Its policies for promoting SMEs focus on improving the operating environment for businesses, increasing incentives for investment, and enhancing rewards and opportunities for private endeavour. Policies aiming to increase long-term opportunities for SMEs include innovative finance and crowd-sourced equity funding; competition and consumer policies; taxation and business incentives; export financing; and small business assistance.

Table 3.1. Scoreboard for Australia

Indicator	Unit	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Debt
Outstanding business loans, SMEs	AUD billion	189	204.6	204.7	225.2	235.9	239.9	243.1	251.4	261.5	271.4	281.4	283.7	426.6	421.2
Outstanding business loans, total	AUD billion	699.9	767.3	713.2	689.2	712.7	732.5	744.8	778.2	831.8	875.1	903.9	954.2	976.2	986.9
Share of SME outstanding loans	% of total outstanding business loans	27.03	26.66	28.71	32.68	33.11	32.76	32.64	32.30	31.44	31.01	31.13	29.73	43.71	42.68
New business lending, total	AUD billion	375.0	336.1	265.5	265.8	310.7	273.8	292.4	360.5	391.7	341.8	346.0	346.9	..	..
New business lending, SMEs	AUD billion	77.5	79.9	69.6	82.5	81.6	73.7	79.1	85.4	91.2	86.7	79.7	76.7	185.2	80
Share of new SME lending	% of total new lending	20.67	23.77	26.20	31.04	26.25	26.91	27.06	23.69	23.27	25.37	23.03	22.11	..	..
Non-performing loans, total	% of all business loans	0.50	2.07	3.27	3.55	3.16	2.68	2.03	1.39	1.01	1.13	0.78	0.81	0.92	1.02
Interest rate, SMEs	%	8.66	8.04	7.60	8.40	8.02	7.13	6.54	6.27	5.63	5.36	5.28	5.33	4.18	3.40
Interest rate, large firms	%	7.95	6.34	5.94	7.02	6.74	5.50	4.77	4.60	3.90	3.49	3.43	3.72	2.48	1.63
Interest rate spread	% points	0.71	1.70	1.66	1.38	1.28	1.62	1.77	1.67	1.73	1.86	1.85	1.61	1.70	1.77
Non-bank finance
Venture and growth capital	AUD billion					0.46	0.28	0.24	0.30	0.59	0.96	0.98	1.30	1.16	1.67
Venture and growth capital (growth rate)	%, Year-on-year growth rate						-39.05	-13.17	23.36	96.35	63.45	1.76	32.96	-10.56	43.28
Leasing and hire purchases	AUD billion	9.25	9.28	6.73	6.55	6.90	8.75	7.34	8.77	9.86	8.89	10.14	9.71	9.98	10.53
Factoring and invoicing	AUD billion	54.76	64.99	63.10	58.66	61.42	63.36	63.27	62.39	64.40	..	..	..	..	..
Other indicators
Payment delays, B2B	Number of days	..	..	..	..	22	20	20	15	13	14	12	11	10	11
Bankruptcies, Unincorporated	Number	5 045	4 427	4 426	5 616	5 266	5 858	4 761	4 007	4 088	4 350	4 168	4 291	3815	3 353
Bankruptcies, Unincorporated	Per 10 000 enterprises	42	36	36	45	43	50	42	35	34	36	34	36	26	23
Bankruptcies, Corporates	Number	7 489	9 067	9 465	9 605	10 439	10 583	10 854	8 822	10 093	8 511	7 819	8 052	8 324	4 943
Bankruptcies, Corporates	Per 10 000 companies	48	55	56	54	57	55	54	41	45	36	31	31	30	17
Bankruptcies, Total	Per 10 000 businesses	45	47	47	50	51	53	49	39	41	36	32	32	29	19
Invoice payment days, average	Number of days	53	56	54	53	54	53	54	53	47	..	..	..	..	..
Outstanding business credit, Unincorporated business	AUD billion	111	117	119	122	125	131	136	142	150	157	164	165	244	246
Outstanding business credit, Private trading corporations	AUD billion	500	555	514	500	514	524	531	556	592	626	636	663	619	621

Source: Table 3.4

SMEs in the national economy

According to the Bureau of Statistics (ABS), there were 2,310,091 small and medium sized enterprises (SMEs) in Australia in 2019-2020, accounting for 99.8% of all businesses. The majority of Australian businesses are non-employing (62% of businesses or 1,441,105). Most employing businesses (25.9% or 599,516) employed between 1 and 4 people, whilst 0.2% (4,357) of employing businesses employed more than 200 people (Table 3.2).

In 2019-20, SMEs employed more than 7.4 million people, which equates to around 66% of employment in the private sector.

The contribution of Australian SMEs to exports is disproportionately low. In 2018-19, their contribution to the value of exports was only about 4%, falling steadily from around 6% in 2015-16. Over the last five years, the value of SMEs’ exports has increased by 31% off a relatively low base, while the value of exports of large businesses has increased by 36%.

Table 3.2. Distribution of firms in Australia, 2019-20

Firm size (employees)	Number	%
All firms	2,314,448	100
SME (0-199)	2,310,091	99.8
Non-employing (0)	1,441,105	62.3
Micro (1-4)	599,516	25.9
Small (5-19)	213,218	9.2
Medium (20-199)	56,252	2.4
Large (200+)	4,357	0.2

Note: Data excludes public sector enterprises. As of 2019-20, data excludes superannuation funds.

Source: Australian Bureau of Statistics, Counts of Australian Businesses, including Entries and Exits.

Macroeconomic conditions

The below economic forecasts are produced by the Australian Department of the Treasury, most recently reported in the 2021-22 Budget which was released in May 2021.

The Australian economy has displayed remarkable resilience in the face of the COVID-19 pandemic. Following the first recession in almost 30 years over early 2020, the economy grew at its fastest pace on record over the latter half of 2020.

After falling by 0.2% in 2019-20, the Australian economy is forecast to grow by 1¼% in 2020-21 before strengthening to 4¼% in 2021-22 and 2½% in 2022-23. The near-term strengthening in real GDP is broad-based and reflects a stronger outlook for household consumption, dwelling investment and new private business investment. Export growth is forecast to fall 8% in 2020-21, largely driven by falls in services exports as international border restrictions continue to weigh on inbound tourism and international student numbers.

The labour market is forecast to continue strengthening over 2021-22 and 2022-23 with ongoing growth in employment, strong labour force participation and the unemployment rate falling below 5 per cent by late 2022.

The Government’s fiscal policy response has been central to Australia’s economic performance throughout the pandemic, and underpins the recovery over the forecast period. The Reserve Bank of Australia has also played an important supportive role by helping to keep borrowing costs low and by supporting the flow of credit across the economy. This will continue to support both the household and business sectors.

Table 3.3. Key domestic economic forecasts for Australia (a)

Indicators	Outcomes(b)	Forecasts
	2019-20	2020-21	2021-22	2022-23
Real gross domestic product	-0.2	1¼	4¼	2½
Household consumption	-3.0	1¼	5½	4
Dwelling Investment	-8.1	2½	0	-1½
Business investment (c)	-2.0	-5	1½	10
Mining investment	6.8	½	3	3½
Non-mining investment	-4.5	-6½	1½	12½
Public final demand (c)	5.5	5¾	5	1¾
Net exports (d)	1.2	-1	-¼	-1¼
Nominal gross domestic product	1.7	3¾	3½	2

(a) Percentage change on preceding year unless otherwise indicated. (b) Calculated using original data unless otherwise indicated. (c) Excluding second‑hand asset sales from the public sector to the private sector. (d) Percentage point contribution to growth in GDP. 

Note: The forecasts for the domestic economy are based on several technical assumptions. The exchange rate is assumed to remain around its recent average level — a trade-weighted index of around 64 and a USD exchange rate of around USD 77 cents. Interest rates are assumed to move broadly in line with market expectations. World oil prices (Malaysian Tapis) are assumed to remain around USD 65 per barrel. 

Source: ABS Australian National Accounts: National Income, Expenditure and Product; Balance of Payments and International Investment Position, Australia; Labour Force Survey, Australia; Wage Price Index, Australia; Consumer Price Index, Australia; unpublished ABS data and Treasury

Non-mining business investment is forecast to fall by 6½% in 2020-21 before rising by 1½% in 2021-22 and by a significant 12½% in 2022-23. Investment activity in the non-mining sector rebounded by 3.0% in the December quarter of 2020. Robust fundamentals in the business sector are now evident, providing a strong foundation for further growth in business investment. The Government’s extension of the temporary full expensing and temporary loss carry-back measures announced as part of the 2021-22 Budget will also provide significant continued support to non-mining business investment, particularly machinery and equipment spending.

Figure 3.1. Business investment in Australia as a share of GDP

Source: ABS cat. no. 5204.0 and the Treasury, Australian Government.

Statlink

SME lending

New lending to SMEs declined sharply from $185.2 billion in 2019 to $80 billion in 2020, in the wake of COVID-19. In 2020, the share of SME outstanding loans stood at 42.68% of total outstanding business loans, a decrease of 1.03 percentage points over the share from 2019.

The Reserve Bank of Australia (RBA) noted that “Overall, there appears to be little demand from SMEs for new loans given the heightened uncertainty about the economic outlook. Survey data and liaison with businesses and banks suggest that few businesses are seeking additional bank credit in response to the pandemic; rather, they are reducing expenses and investment, seeking to reduce debt burdens and making use of government initiatives to shore up their balance sheets and have sufficient liquidity to withstand a temporary downturn in demand.”

Further, RBA’s liaison program and available data suggest that Australian SMEs find it a challenge to access finance through the banking system with terms that suit their needs. Access to finance tightened for businesses in response to the pandemic, mostly for those that were more affected by the economic conditions and for businesses approaching a given bank for the first time. However, policy measures introduced to support the flow of low-cost funds to the economy have helped to mitigate the tightening in access to finance for SMEs.

It has been reported that business owners may find it hard to obtain additional finance without using their real estate as collateral, with around half of small business loans being residentially secured (RBA). While residentially secured interest rates are typically lower than for other SME lending, small business owners may be concerned about borrowing against the family home.

Credit conditions

Total business credit grew by 0.9% in the twelve months to December 2020. Credit growth weakened in 2020, after a sharp run-up and subsequent unwind in mid-2020 as businesses drew down and repaid lines of credit to manage liquidity positions. The weak demand for business credit is consistent with many businesses maintaining large cash buffers and a reluctance to take on debt given uncertainty about the economic outlook.

Business borrowing rates are historically low for both SMEs and large businesses. Data from the RBA shows that SME interest rates in Australia declined from 4.2% in 2019 to 3.4% in 2020. However, RBA data also shows that the interest rate spread between loans charged to large enterprises and to SMEs increased from 96 basis points in 2007 to 183 basis points in 2008, and has since remained higher. In 2020, the interest rate spread was around 177 basis points. This could be one factor that contributes to the difficulties small businesses face in obtaining finance, and in part, reflects a reassessment of the riskiness of SME lending, when compared with other lending, as well as the lack of information available to lenders about the prospects of SMEs. However, pricing alone does not provide a complete picture on the availability of finance, with some small businesses reporting that the price has not been the biggest impediment to accessing finance over the past few years. According to the ScotPac November 2020 SME Growth Index, businesses also report frustrations about loan conditions, providing property as security and a lack of flexibility.

Alternative sources of SME financing

The total new amount of venture capital invested by registered ESVCLPs and VCLPs increased in 2017-18 by 32.96%, totalling $1.3 billion, decreased in 2018-19 by 10.56% to $1.1 billion, before rising to a high of $1.6 billion in 2019-20, an increase of 43.28%.

Leasing and hire purchase volumes dropped from AUD 9,245 million in 2007 to a low of AUD 6,549 million in 2010. Leasing and hire purchase volumes have recovered since, rising to AUD 10,530 million in 2020, an increase of about 5% over the previous year.

According to the Productivity Commission, banks have shifted away from SME lending partly due to the regulatory environment (banks must hold more capital for an SME loan than a home loan) and also due to the greater difficulty in assessing credit worthiness of SMEs. At the same time new SME lending opportunities have been created by others including non-banks through data availability and technology.

Other indicators

The number of bankruptcies per 10,000 businesses increased from 45 in 2007 to 50 in 2010. It has since dropped to 19 in 2020.

Non-performing loans as a percentage of total outstanding business loans also increased in the aftermath of the financial crisis, from 0.5% in 2007 to 3.6% in 2010. Since 2010, the proportion of non-performing loans declined to 0.8% in 2018, before rising somewhat to 1.02% in 2020.

Government policy response

The Australian Government has a comprehensive SME agenda aimed at promoting growth, employment and opportunities across the economy. Its policies for promoting SMEs focus on improving the operating environment for businesses, increasing incentives for investment, and enhancing rewards and opportunities for private endeavour. The government’s financial, taxation and competition policies are also designed to increase long-term opportunities for SMEs.

The challenge of obtaining finance has been a consistent theme of the RBA’s Small Business Finance Advisory Panel. The challenges faced by small businesses when borrowing include access to finance for start-ups, the heavy reliance on secured lending, the role of housing collateral and personal guarantees in lending and the loan application process, including the administrative burden and the ability to compare products across as well as to switch lenders. The Australian Government’s recent reforms (discussed below) could help to improve access to finance by providing lenders with more information about the capacity of borrowers to service their debts, and connecting risk-seeking investors with start-up businesses that could offer high(er) returns.

The Coronavirus pandemic created further challenges for SMEs trying to access finance. According to the ScotPac November 2020 SME Growth Index, the top hurdle SMEs feel they must overcome in 2021 is servicing excessive debt levels (22.1% of SMEs), consistent with low demand from businesses for further debt in uncertain times. To assist SMEs access to finance and get through the impacts of the Coronavirus, the Australian Government implemented several loan guarantee schemes between 23 March 2020 and 31 December 2021 to positively influence the willingness of lenders to extend credit. The loan guarantee schemes introduced by the Australian Government included the SME Guarantee Scheme (Phases 1 and 2), the Show Starter Loan Scheme and the SME Recovery Loan Scheme. As part of Phases 1 and 2 of the SME Guarantee Scheme, the Australian Government guaranteed 50 per cent of eligible new loans issued by participating lenders to SMEs with annual turnover of up to $50 million. Phase 2 of the Scheme supported secured and unsecured loans for up to $1 million (increased from $250,000) for terms of up to 5 years (increased from 3 years) with a cap on interest rates. Under the Show Starter Scheme, the Australian Government guaranteed 100 per cent of new loans taken out by eligible arts and entertainment businesses to deliver new productions or events for live audiences. The SME Recovery Loan Scheme included a government guarantee of 80 per cent of the loan amount and a repayment holiday of up to 24 months for SMEs that received JobKeeper payments in the March quarter 2021 or were economically affected by the floods in March 2021 and were located in eligible Local Government Areas.

Liaison with industry

A strong financial system that facilitates the flow of savings to efficient investment opportunities assists SMEs to invest in new technologies, fund innovative practices and expand. Government authorities regularly monitor developments in SMEs’ access to finance. The RBA annually hosts a Small Business Finance Advisory Panel, while both the RBA and the Australian Treasury regularly speak with Australian banks, non-bank lenders and businesses about business financing conditions, as well as the broader economic environment for businesses.

Export financing

The global economy provides Australian SMEs with an opportunity to access new markets and the Government is committed to helping SMEs reach their export potential.

The Government has committed AUD 20 million over four years from 2018-19 to establish a Small and Medium Enterprises Export Hubs program. The Hubs will enable cooperation and boost export capability of local and regional businesses, through support to develop collective brands, leveraging local infrastructure to scale business operations, and positioning regional businesses to participate in global supply chains.

Export Finance Australia is Australia’s export credit agency. Through its loans, guarantees and bonds, Export Finance Australia has helped many Australian exporters and those in the export supply chain to take advantage of new business opportunities that may otherwise have been out of reach. In 2019, the Government passed legislative amendments to provide Export Finance Australia with additional capital and new powers to finance overseas infrastructure projects in the Indo-Pacific region. The enhanced role of Export Finance Australia in infrastructure financing boosts its ability to support Australian businesses, including SMEs, which have the specialised skills and knowledge that underpin major projects, especially through the supply chain. The amendments also established the new, simpler name of ‘Export Finance Australia’ (previously the Export Finance and Insurance Corporation) that has provided greater brand recognition for the agency and the Australian Government with Australian SMEs, other exporters and counterparties and in important overseas markets. In 2020 the Minister for Trade, Tourism and Investment’s Statement of Expectations to Export Finance Australia was amended to deem there to be a market gap for SMEs and remove limits on the number of times Export Finance Australia can provide support to any one customer, streamlining SME access to financing.

Broader response

Along with direct SME financing programs, Australia is progressing several other initiatives to improve the operating environment for SMEs. Several of these will boost cashflow for businesses, ameliorating the need for business finance. These initiatives include:

• Specific support in the context of COVID-19 restrictions, such as the Tourism Aviation Network Support Program. This measure provides support to subsidise interstate flights, including those operated by regional airlines, to reduce the cost of flying to select regions that are heavily reliant on tourism, for travel between 1 April 2021 and 30 September 2021.

• The Payment Times Reporting Scheme, which will require large businesses to report twice yearly on their payment practices to their small business suppliers. This information will be published enabling small businesses and the public to make more informed decisions, thereby creating pressure for cultural change to improve payment times.

• The tax rate for incorporated SMEs is progressively being reduced from 30 per cent in 2014‑15 to 25 per cent from 1 July 2021. The tax discount for unincorporated small businesses with an aggregated turnover of less than $5 million has also progressively increased, providing SMEs with improved cash flow.

• Extending temporary full expensing and temporary loss carry-back provisions for an additional year. This will allow the continued immediate tax deductibility of the cost of eligible new depreciating assets and encourage new investment where significant tax losses can then be carried back to generate refunds for eligible businesses.

• Expansion of the Digital Solutions - Australian Small Business Advisory Services program, provides small businesses with low cost, high quality advice on a range of digital solutions to help them meet their business needs and grow digital capability.

• The Franchise Disclosure Registry, which will support the transparency of franchise operations by providing prospective franchisees with access to information and help them make more informed decisions before entering into a franchise agreement.

Figure 3.2. Trends in SME and entrepreneurship finance in Australia

Source: See Table.3.4.

Statlink

Table 3.4. Definitions and sources of indicators for Australia’s scoreboard

Indicator	Definition	Source
Debt
Outstanding business loans, SMEs	Business loans and bills outstanding of banks and non-bank financial institutions to businesses with turnover of less than $50 million. Prior to 2019, banks’ business loans and bills outstanding under $2 million (stock).	APRA; RBA
Outstanding business loans, total	Banks’ and non-bank financial institutions’ total credit outstanding to businesses; including loans and bills. Prior to 2019, includes commercial paper and promissory notes (stock).	APRA; RBA
New business lending, total	Banks’ new commercial loan approvals for fixed and revolving facilities (flow).	APRA; RBA
New business lending, SMEs	Banks and non-bank financial institutions' new business loan commitments for fixed facilities to businesses with turnover of less than $50 million; excluding refinancing. Prior to July 2019, banks’ new commercial loan approvals for fixed and revolving facilities under $2 million (flow).	APRA; RBA
Non-performing loans, total	Banks' impaired (in arrears or otherwise doubtful, and not well-collateralised) and past due (in arrears for 90+ days but well-collateralised) business loans.	APRA; RBA
Interest rate, SMEs	Weighted-average interest rate on business loans and bills outstanding of banks and non-bank financial institutions to businesses with turnover of less than $50 million. Prior to 2019, weighted-average interest rate on banks’ business loans and bills outstanding under $2 million.	APRA; RBA
Interest rate, large firms	Weighted-average interest rate on business loans and bills outstanding of banks and non-bank financial institutions to businesses with turnover of $50 million or more. Prior to 2019, weighted-average interest rate on banks’ business loans and bills outstanding $2 million and over.	APRA; RBA
Non-bank finance
Venture and growth capital	Total new investment by registered Early Stage Venture Capital Limited Partnerships and Venture Capital Limited Partnerships during the year. Data correspond to Australian financial years, e,g. 2020 will be data from July 2019 to June 2020.	DISER
Leasing and hire purchases	Banks’ and non-bank financial institutions’ total new business lease commitments for finance leases, including refinancing (flow). See ABS publication 5601.0 - Lending Indicators for further breakdowns.	APRA; RBA
Factoring and invoicing	Factoring and invoice discounting turnover volumes of resident debtor finance providers (flow).	DIFA
Other indicators
Payment delays, B2B	Average late payment time (days after an invoice is due) for an Australian business.	Illion
Invoice payment days, average	Average invoice settlement times for Australian business (days from transaction). Survey data from debt collection agency.	Dun & Bradstreet
Bankruptcies, Unincorporated	Number of business related personal insolvencies. Prior to 2020, the number of unincorporated business bankruptcies.	AFSA
Bankruptcies, Unincorporated (per 10 000 enterprises)	Number of unincorporated business bankruptcies per 10 000 entrepreneurs.	ABS; AFSA; RBA
Bankruptcies, Corporates	Number of corporate insolvencies	ASIC
Bankruptcies, Corporates (per 10 000 companies)	Number of corporate insolvencies per 10 000 enterprises.	ABS; ASIC; RBA
Bankruptcies, total (per 10 000 businesses)	Number of corporate insolvencies and unincorporated business bankruptcies per 10 000 enterprises.	ABS; AFSA; ASIC; RBA
Outstanding business credit, Unincorporated business	Banks’ and non-bank financial institutions’ total credit outstanding to unincorporated business; including loans and bills. Prior to 2019, includes commercial paper and promissory notes (stock).	APRA; RBA
Outstanding business credit, Private trading corporations	Banks’ and non-bank financial institutions’ total credit outstanding to private trading corporations; including loans and bills. Prior to 2019, includes commercial paper and promissory notes (stock).	APRA; RBA

References

Access to Small Business Finance, 2018, Reserve Bank of Australia (RBA),

https://www.rba.gov.au/publications/bulletin/2018/sep/pdf/access-to-small-business-finance.pdf (accessed 26 May 2021).

The COVID-19 Outbreak and Access to Small Business Finance, 2020, Reserve Bank of Australia,

https://www.rba.gov.au/publications/bulletin/2020/sep/pdf/bulletin-2020-09.pdf (accessed 26 May 2021).

Small business access to finance: The evolving lending market, 2021, The Productivity Commussion,

https://www.pc.gov.au/research/completed/business-finance/business-finance.pdf (accessed 29 October 2021).

SME Growth Index, November 2020, ScotPac. https://www.scotpac.com.au/wp-content/uploads/2021/01/November-2020-SME-Growth-Index.pdf (accessed 28 May 2021).