Sole Traders Optimistic but ...

Sydney, March 14: Australia’s sole traders are moving past the bulk of the economic damage and uncertainty wreaked by COVID-19 with new data showing confidence is on the rise. But the Delta and Omicron waves have come at the cost of mental health, as excessive red tape and expensive - and time consuming - tax filings as well as a burdensome tax rate present additional headaches for sole traders. The Hnry Sole Trader Pulse, conducted in the first week of March, recorded a 13 per cent boost in sole trader sentiment compared with October, a period when the nation was still contending with border closures, on the cusp of the Omicron outbreak and a further wave of long lockdowns lay ahead. Sole traders in NSW reported a 22.5 per cent in overall sentiment, indicating that the NSW Government’s decision to press ahead with opening up as well as a falling or steady rate of Covid cases are having a positive effect on business optimism. This compares to a 17 per cent increase in Victoria and a nine per cent increase in Queensland. Conducted by Resolve Strategic between 28 February and 6 March, the Hnry Sole Trader Pulse is Australia’s only regular and reliable survey of independent earners with an ABN, such as tradies, freelancers, and consultants. The research is carried out on behalf of fintech Hnry, Australasia’s largest and fastest-growing digital accountancy service catering expressly to sole traders. The rise in reported confidence for the nation’s independent earners – a fast growing and crucial sector of the national economy – was juxtaposed by less rosy news.