Bruce Billson, the Australian Small Business and Family Enterprise Ombudsman, has raised alarms about Australia 'sleepwalking' into an economy dominated by large corporations, urging for tax discounts and supportive policies for small businesses.

He described the current trend as a 'worrying trajectory,' emphasizing that the small business sector is struggling and could be overshadowed by corporate giants.

The recovery from the COVID-19 pandemic has significantly challenged small businesses, making them more vulnerable to inflation and rising interest rates.

Reserve Bank governor Michele Bullock confirmed that interest rate cuts are not imminent, which will continue to pressure the small business sector.

Billson highlighted a decline in small businesses' contributions to the economy, noting that they accounted for 40% of GDP and 53% of private-sector employment in 2006, but now only contribute 33% and employ 42%.

As part of his comprehensive 14-step plan, Billson advocated for 'right-sized regulation' to alleviate burdens on small firms, including reduced payment processing fees and improved government procurement policies.

He also proposed a tax discount scheme for new small business owners to help them retain more income for reinvestment during their crucial early operation phases.

Metaphorically, Billson described the impact of COVID-19 on small businesses, stating they have 'lost a cylinder in a four-cylinder engine,' highlighting their ongoing struggles.

He emphasized the need for more incentives for new small business owners and promoting business ownership among younger Australians to stimulate growth.

In a related context, Graham Cooke from Finder noted that many Australians are choosing to stay together for financial reasons, particularly due to difficulties in finding affordable housing.

In a separate incident, a flawed investigation into the murder of Aguer Akech highlighted significant failures in evidence disclosure by police, raising concerns about justice standards.