New research by Deloitte Access Economics has found the collaborative economy in NSW has grown significantly over the last 12 months in terms of revenue, increased competition and business innovation.
The Deloitte research found key existing collaborative economy businesses have seen revenue growth of 68 per cent, from an estimated $1.6 billion in 2014-15 to $2.6 billion in 2015-16. The past year has also seen the entry of new businesses to the market, the expansion of services into regional NSW, and the emergence of new niche sectors.
Businesses providing financial services saw particularly rapid growth, with a 345 per cent increase in revenue. Crowdfunding and peer-to-peer lending are continuing to disrupt the financial services industry, competing with traditional providers.
Other categories analysed in the research also saw high revenue growth, including transportation and automotive (242 per cent); goods and redistribution (67 per cent); services and labour hire (57 per cent); and accommodation services (55 per cent).
The number of people earning income through these platforms has also doubled – from 45,000 to 92,400 people.