Xero, the global small business platform, released new data on the health of Australia’s small business economy in May 2021 from the Xero Small Business Index. Based on aggregated and anonymised transactions from hundreds of thousands of small businesses, the Index is produced in partnership with Accenture as part of the Xero Small Business Insights program.
Index hits all time high
The Index rose seven points during May 2021 to 132 points, reaching its highest level since records began in January 2017. It also represents the fifth consecutive month of overall above average performance by small businesses.
The rise in May was largely underpinned by another strong month of job gains, increase in wages, and time to be paid hitting new lows.