Sharing economy positive for small businesses

Australia's sharing economy is growing by approximately 140 per cent annually, with small firms in the finance space already seeing a positive impact, a new report by NAB has revealed.

In a report titled How Australian business views the sharing economy, NAB found that the sharing economy is currently growing at around 140 per cent per year, although from a small base.

Small firms operating in business services and in finance and insurance said the sharing economy was positive for business over the last 12 months, at 14 per cent and 10 per cent respectively.

Small firms within the above sectors are even more optimistic looking forward, with 13 per cent of finance and insurance firms suggesting that the sharing economy will be positive for business over the next 12 months.

NAB chief economist Alan Oster said: "As the sharing economy matures, it will most likely become a complement to existing business models rather than simply a competitive threat."

"This should see the sharing economy become increasingly important for a range of business, helping to drive its growth and reach further," Mr Oster said.

The report also found that 13 per cent of firms economy-wide expect the sharing economy to impact their businesses in the coming the months. Five per cent believe the impact will be negative and eight per cent believe it will be positive.

According to the report, the sharing economy facilitates greater interaction between consumers and suppliers.

As the sharing economy grows, NAB said new business models based on "access to" as opposed to "ownership of" physical and human assets will continue to emerge.

The report concluded that as the sharing economy matures, it will become increasingly important for businesses looking to further their growth and reach.