As confidence in Australia's economy continues to weaken, many of the nation's sole traders are doing the opposite: growing their businesses, investing in new opportunities and finding smarter ways to work.

Hnry's latest Sole Trader Pulse - the only independent survey of the country’s 1.7 million sole trader workforce - has found almost half have diversified their business to create new income streams, 76 per cent say they’ve got a loyal customer base, and two thirds are embracing technology to work more efficiently. Average quarterly gross income (before expenses and tax) rose 14 per cent, from around $29,150 to $33,200. More than half of sole traders reported earning more than three months earlier, up from 47% in March and well ahead of the 25% whose income had fallen.

Melbourne stained-glass designer and maker Eloise McCullough is one of them. Just four years after launching her business Fools Glass, she's moving into a larger studio to accommodate growing demand for her bespoke leadlight windows, kiln-formed glass artworks and expanding workshop program.

"I feel really excited about where the business is heading," she says."Every year has been bigger than the last, and now I'm moving into a larger space so I can continue to grow and teach more people the craft.”

Working with architects, interior designers and private clients, Eloise creates handcrafted stained-glass commissions that blend traditional craftsmanship with contemporary design. Alongside custom glazing projects, she's built a thriving workshop business over the past three years, creating an additional income stream while introducing more Australians to the centuries-old art form.

"I realised pretty early that workshops weren't just something I enjoyed; they became an important part of the business. They've allowed me to diversify what I offer, connect with incredible people, expand my audience and create another pathway for growth,” she says.   

Sixty per cent of sole traders rate their personal satisfaction as good, while 57 per cent say they’ve got good work-life balance.

Hnry Australia Managing Director Karan Anand says Eloise’s experience reflects a broader shift taking place across Australia's sole trader economy.

"Sole traders don't have the luxury of waiting for the economy to improve; they have to adapt in real time. That's exactly what we're seeing," he says.

"Consumer confidence is falling across Australia, inflation is a major concern, and business confidence is still gloomy - but sole traders are refusing to stand still. They're diversifying their services, embracing technology, finding new customers and continuing to invest in themselves."

Despite her optimism, Eloise says she remains mindful of broader economic conditions.

"My clients are people who genuinely value craftsmanship, art and design, so of course I pay attention to what's happening economically because it can influence spending," she says. "But I've found people still want to invest in locally made pieces designed specifically for them, and that's given me confidence to keep investing in the business."   

Anand says Australia's sole traders continue to demonstrate a level of resilience that extends well beyond their own businesses.

"Sole traders often experience economic change before anyone else because they're making commercial decisions every single day. The fact that so many are still investing, growing and backing themselves despite softer economic conditions is encouraging, not only for the self-employed, but for Australia's broader economy."

While Australia does not calculate a standalone GDP for sole traders, Hnry analysis estimates they contribute more than $150 billion to the Australian economy.

The June Sole Trader Pulse took place between 8 and 19 June 2026 and has a maximum error margin of +/-4.4%.

About Hnry:

Hnry is the world's first all-in-one service for sole traders, providing digital accounting and tax automation. Designed to make self-employment simple, affordable and stress-free, Hnry is available in the UK, Australia and NZ and processes billions of dollars in payments each year; it automatically calculates and pays taxes as you earn and takes care of invoicing and expenses with on-demand accountancy support - meaning you never have to think about tax again. 

Since launching in 2018, it has raised nearly $100 million in investment and is Australasia's fastest-growing accountancy service. Hnry was named on the Forbes Asia 100 To Watch 2025 list and won the People’s Choice Award for ‘Fintech Organisation of the Year’ in 2022 and 2023. Hnry recently won the ‘Innovation in Financial Services’ category at the 2024 INFINZ Awards. Find out more at www.hnry.com.au .