Small Businesses Losing Ground in Post-Pandemic Australia, Warns Ombudsman

Australia’s small business sector—traditionally a major driver of the economy—is facing a decline in influence, with the country potentially “sleepwalking” towards an economy dominated by large corporations, the Ombudsman for the sector has warned. Australian Small Business and Family Enterprise Ombudsman Bruce Billson points out that in 2006, small firms contributed 40 percent of the gross domestic product (GDP) and employed 53 percent of the private sector’s workforce. Now, those figures have dropped to 33 percent of the GDP and 42 percent of the private labour force. The situation is becoming dire, with 46 percent of small businesses failing to turn a profit in the latest available accounts....