Transactional data from businesses that run on Xero showed that small businesses processed $2.4 billion on the morning of the 2015 Melbourne Cup.
This is up an average $400 million from the same period two weeks before and after the Melbourne Cup.
However, productivity in the afternoon of the 2015 Melbourne Cup fell dramatically to $1.4 billion, with a full $1 billion less garnered by Australian small businesses compared with the morning.
Further, Xero found that while the average afternoon is quieter for most small businesses, seeing around $400 million less changing hands, this drop more than doubles on race day.
“The Melbourne Cup is a fantastic day in the Australian calendar. Small business owners, like everyone else, want to be part of the fun, but our data shows just how hard they have to work in order to account for the loss of productivity from one afternoon,” said Trent Innes, managing director of Xero Australia.
“For some, working the whole day will provide a business boost, while for others it makes sense to commit resources to the morning and take the afternoon off.”