September 2022 Summaries

Airwallex’s inaugural Australian Business Growth Index reports that Australian SMEs have continued to pursue growth and international expansion despite inflation, supply-chain disruption, lockdowns, and economic uncertainty. Based on a May 2022 survey of 202 Australian businesses with 20 to 199 employees, the index found that 92% had grown over the previous year and 34% were already operating overseas, while more than two-thirds expected to be active internationally by 2027. Businesses already operating abroad, as well as nearly all those planning expansion within 12 months, reported recent growth, suggesting a link between global activity and commercial opportunity. Southeast Asia was identified as the most attractive overseas market, followed closely by the United States, ahead of China and Europe or the UK. The report also highlights the role of digital tools, hybrid work, and fintech in lowering barriers to international trade, with 35% of surveyed SMEs having fully adopted digital and fintech banking solutions.