According to The Australian Financial Review, entrepreneurs are starting new businesses at the highest rate seen so far this year, a positive sign the economy is starting to emerge from the COVID-19-induced hibernation.
Insurance agency BizCover sold 20 per cent more new business insurance policies – mainly to sole operators and small business owners – at the start of June compared with February, while policy cancellations were down 20 per cent compared with the start of the year.
"The rate of increase in small businesses starting seems to have accelerated in every week since the beginning of May, which is great news for small businesses and the economy," said BizCover chief financial officer Simon Schwarz.
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