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Australia is “sleepwalking” into an economy dominated by big players, warns an ombudsman calling for tax discounts and other policies to advance small business.Small firms are still major employers and sizeable contributors to the nation’s economic activity, but Australian Small Business and Family Enterprise Ombudsman Bruce Billson says their prominence is slipping.In 2006, small firms contributed 40 per cent of gross domestic product and employed 53 per cent of those with a private-sector job.
Now, small firms contribute 33 per cent to GDP and makeup 42 per cent of the private workforce.“This is a worrying trajectory,” Billson said.“We are sleepwalking into a ‘big corporate’ economy.”Challenges brought on by the pandemic recovery have further weakened the small business sector, with small outfits particularly vulnerable to inflationary pressures and higher interest rates.
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