SME Index

Shift's SME Index uses transaction data from a representative sample of small and medium enterprises to get deeper insights into the financial and operating performance of businesses across Australia. The index was baselined to the start of the COVID-19 pandemic and paints a picture of SME health in Australia’s new economic environment.

Back to where we started

  • The past year was full of considerable challenges for Australia’s small and medium enterprises (SMEs), who took extraordinary efforts to adapt and transform their business operations during unprecedented circumstances.

  • The SME Index ended 2020 relatively flat year-on-year as many SMEs began 2021 where they started – albeit with updated business models after being forced to bring forward years of development.

The K-shaped recovery continues

  • Data shows that even though 63% of SMEs maintained or improved their sales during 2020, more than one in three SMEs started 2021 trying rebuild their business, making for a K-shaped economic recovery.

  • International borders still remain shut, and sporadic local virus outbreaks can still trigger state border closures, affecting domestic tourism, hospitality, food, entertainment and many other industries.


One year on


The index is calculated by taking a representative sample of businesses from around the country (varied by size, industry, and location) and looking at their credit transactions across all account types (e.g., transaction, savings, credit card). The index has been baselined to the start of the crisis and uses 6 months of average sales as the dominator. SMEs included in the index have all been in operation for over three years and have average yearly sales of $1.5 million.

Bank Connect

Shift uses Bank Connect, a technology that leverages transaction bank data to facilitate faster credit decisions and make business finance simpler and frictionless for our partners and customers. Bank Connect allows bank statement data to be retrieved in encrypted form, adhering to the highest levels of data protection and security.
Learn more.

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