New CommBank data shows Millennials and Gen Z continue to be the driving force behind new business in Australia, as CommBank unveils sponsorship of AFC Australian Fashion Week.
The new CommBank research shows that Millennials and Gen Z together account for 62 per cent of new business account openings in the last 12 months, with retail trade, personal and business services, and construction being the most popular sectors for these age groups.
CommBank data shows that Millennials alone made up 49 per cent of new businesses in the year to 31 March 2025, while Gen Z accounted for 13 per cent, Gen X for 27 per cent and Baby Boomers made up 10 per cent of new businesses.
Looking at Gen Z, retail trade is the second most popular sector for new businesses after construction, while Millennials favour property and business services before construction and retail.
“Gen Z and Millennials account for 72 per cent of all new businesses in retail trade, showing younger Australians are willing to pursue their passion despite the challenging environment this sector has faced and continues to tackle,” CommBank small business banking executive general manager, Rebecca Warren said.
