In 2003, entrepreneurial activity in Australia recovered substantially from the significant drop witnessed in 2002, though not to the previous peak of 2001. The majority of GEM participant countries experienced a mild decline. The USA and the UK, however, both saw upturns in their entrepreneurial activity. A new measure – firm entrepreneurial activity (FEA) – was developed in 2003. This measured the extent to which established, but still privately owned, businesses engaged in entrepreneurial activity, as measured by market expansion and job creation. Australia’s ranking was middling, just below the median...[Executive summary].