At first glance, November looks like a boom with over 108,000 new businesses registered, up 37% on the same time last year. But a closer look reveals where that growth is really coming from.

Company registrations were slightly down. The sharp rise came from sole traders, up 59% year-on-year, suggesting that more Australians may be starting ventures without staff, offices, or long-term overheads. Only one in five registered for GST, the lowest proportion all year. That could reflect a growing preference to stay lean in the early stages, avoid upfront costs, and test ideas before committing to full compliance.

Young founders were the most active group. Registrations from 18 to 24-year-olds more than doubled, and over 60 percent of new founders were born overseas, adding to the diversity of who is starting businesses in Australia.

What we’re seeing may be less about launching with scale in mind, and more about building quietly, with flexibility and minimal friction. It’s a different kind of growth story — one that prioritises access over ambition.