The latest data released on the small business platform Xero reveals that the performance of hundreds of thousands of small businesses in Australia declined significantly in October 2022. For instance, sales growth of Australian small businesses fell to the single digit of 9.1% year-on-year, and jobs growth to 5.5% year-on-year in October this year. Though the October data from the Xero Small Business Index is softer than earlier months, the index remains above the long-term averages despite falling 13 points to 115 points in October. It can be attributed to the rising cost of living, challenging Australians to re-examine purchases and reduce discretionary spending.
