In Australia, wealth-building strategies have undergone a seismic shift. Yes, folks, starting a business or a side hustle is now the new cool, eclipsing the once-cherished savings accounts and the elusive promotions. Who knew financial security could come from a homemade soap business?
According to shocking revelations from QuickBooks—a name synonymous with profound insights—41% of surveyed Australians are racing toward entrepreneurship in 2026 as a tactical response to the so-called “cost of living crisis.” In other words, if life hands you lemons, start a lemonade stand. And hey, there’s profit in them lemons!
Digging deeper into the data (because we love numbers, especially when they don’t involve our bank accounts), we discover that 66% of Australians are already plotting their escape from the mundane nine-to-five, while a hearty 46% are ready to unleash their inner tycoon, come rain or economic meltdown.
You’re out of free articles for this month, but don’t worry—entrepreneurship is free to explore.
And let’s chat about perceptions of risk; 36% consider cryptocurrency to be the newest roller coaster of wealth accumulation, while 19% bravely say stocks are just as volatile. Remember—diversification is key unless you consider betting on a horse in your local pub the next great investment strategy.
For the non-algorithmic folks—i.e., accountants—there’s a hefty paradigm shift underway. As per Ada Wang, Head of SMB at Intuit APAC, it seems accountants are no longer just the annual tax wizards, but now they’re required to manage a smorgasbord of micro-entities demanding real-time advice rather than the traditional “let’s meet once a year and talk about your bad financial choices” approach.
Wang further elaborated that 43% of Australians dabbled in side hustles last year—just enough for the coffee addiction to sometimes justify the expense. With cities ballooning like overinflated party balloons, many say goodbye to those boring office jobs in favor of potentially lucrative ventures involving artisanal pickles or personalized cat-themed merchandise.
Also, let’s sprinkle in some tech wisdom: AI is now the magician that pulls rabbits (or maybe side hustles) out of hats. A stunning 66% of Aussies say they might consider using this nifty technology to help get their business off the ground. But remember, even the most sophisticated AI can’t brew your morning coffee (yet).
Given the median startup cost is around $20K—cheaper than most house deposits—it’s no wonder business ventures are emerging faster than new coffee shops in hipster neighborhoods. But, as Wang points out, while tech has made startup costs lower, it hasn’t eradicated the need for good ole’ human expertise. Apparently, people still prefer advice from living, breathing accountants rather than chatbots named “TaxBot 5000.”
Wang also mentioned the importance of evolving corporate structures to mirror the nimble agility of startups because, of course, retaining talent in this day and age means incorporating employees’ secret passions for creating elaborate balloon animals.
As we tiptoe into this brave new world, it seems clear that Australians are searching for ways to control their financial destinies. With the ascent of side hustles making traditional home ownership look like climbing Mount Everest, accountants are now strutting into the spotlight as growth architects—because why not add another title to their already full plate?
So, for those itching to dive into the thrilling world of entrepreneurship, Wang’s advice is simple: “Don’t wait for perfection. Use low-cost digital tools to launch a minimal version of your idea. Just make sure you focus on cash flow—your future self will thank you when they’re not bailing water out of the sinking ship you call a startup.”
But be warned! Managing an income that’s a mix of salary and business can lead to tax and cash-flow headaches that would make any sane person want to pull their hair out. Enter the tech-savvy accountant: your greatest ally in navigating the labyrinthine paths of financial compliance and translating chaotic data into a sensible roadmap for long-term wealth. After all, every entrepreneur needs a wise sage on their side, don’t they?
