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

‘If small and family businesses are the ’engine room of the economy‘, we have lost a cylinder in a four-cylinder engine in the aftermath of COVID,’ he said.
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Small Businesses Losing Ground in Post-Pandemic Australia, Warns Ombudsman
People shop in a JB Hi-Fi store on May 28, 2015 in Melbourne, Australia. Scott Barbour/Getty Images
Rex Widerstrom
Rex Widerstrom
8/8/2024|Updated: 8/8/2024

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.

Rex Widerstrom
Rex Widerstrom
Author
Rex Widerstrom is a New Zealand-based reporter with over 40 years of experience in media, including radio and print. He is currently a presenter for Hutt Radio.
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Related Topics
Australia
small business
Bruce Billson
Reserve Bank of Australia
Australian inflation
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