RBA identifies small businesses as major drivers of Australia's productivity and innovation.
Australia's RBA sees small businesses as key to the nation's productivity turnaround, as they are increasingly becoming "engines of innovation". Small-to-medium-sized businesses are more innovative than larger firms and are investing more in research and development, according to RBA Assistant Governor Brad Jones. Their investment in innovation could significantly impact Australia's economy as 99% of the country's businesses fall into this category. Access to finance is currently a challenge for smaller firms, which face higher borrowing costs.
April 04, 2024
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