SME owners in Australia are generally older, lacking in technological savvy, and less innovative compared to their counterparts in other Asia-Pacific countries, according to the Asia-Pacific Small Business Survey 2022-23 conducted by Certified Practicing Accountants Australia. The organization’s 14th annual survey found that 46.8% of Aussie SME owners are over the age of 50, as against 12.2% in China and 4.3% in Vietnam. Urging the Federal Government to inquire into the barriers preventing young people from owning small businesses, the accounting body said the age disparity between Australian SME owners and those in other nations could pose real and pressing threats to the nation’s economy.
