The big business SME takeover

Australia’s small business sector is slowly shrinking, with big businesses creeping in to fill the void. SMEs constitute about a third of GDP, but just 15 years ago that figure was 41 per cent. In the same period, the small business share of the private sector employment market has dropped from one half to a third. The Small Business and Family Enterprise Ombudsman, Bruce Bilson, argues that we are “sleepwalking into a big corporate economy.” The Ombudsman describes his 14-point plan to support small businesses, from reducing regulatory burdens to offering incentives for innovation and sustainability. He highlights the need for policies that actively support the next generation of business owners, ensuring SMEs can thrive and continue to play an important role in local communities. Business Essentials Daily is produced by: SoundCartelsoundcartel.com.au+61 3 9882 8333See omnystudio.com/listener for privacy information.