Red tape is holding back our entrepreneurs and threatening our economic prosperity, new IPA research has found.
Nine of Australia’s top ten largest companies were founded before 1925; by contrast, 88 per cent of the United States’ top 500 firms did not exist fifty years ago. Newer businesses, by injecting innovative ideas and challenging outdated methods, deliver increased productivity, raise incomes and boost employment. Entrepreneurship has even been found to increase social mobility.
However, Australian entrepreneurship is struggling in both historic and comparative terms.