In 2019, small businesses accounted for 35 per cent of Australia’s gross domestic profit and employed 44 per cent of Australia’s workforce. As defined by the Australian Bureau of Statistics (ABS), a small business is an entity employing less than 20 employees, whereas a medium size business employs 20 -199 people. Of the 877,744 total employing businesses in 2019, 823,551 were small businesses (93.8 per cent), and of those businesses, 627,932 are businesses that employ only 1-4 people, known as micro businesses (76.2 per cent).