The ABS figures also give insight into the fastest growing industries and where those businesses are being established.

According to the ABS, there were 604,379 small businesses (fewer than 20 employees) in Victoria in June 2018, the first time Victorian small business numbers have exceeded the 600,000 mark.

In the year ending June 2018, Victoria saw a net increase of 27,762 businesses representing a growth rate of 4.8% for new businesses, the highest of any state or territory. This is also an increase from the 3.6% growth recorded in the previous financial year.

The local government areas (LGAs) with the largest growth in small business were:

• Wyndham (17.7% increase)
• Melton (13.1% increase)
• Hume (11.8% increase).

The fastest growing industries in Victoria were:

• Transport, postal and warehousing (23.2% increase)
• Public administration and safety (10.0% increase)
• Administrative and support services (8.1% increase).