“The results are astonishing but not surprising,” he said.
“The ATO [Australian Tax Office] has gone into overdrive to collect debts, particularly from small businesses – and directors are faced with the ongoing cost-of-living crisis, the spectre of higher interest rates due to stubbornly high inflation, and micro and macroeconomic and political headwinds.”
The problems behind the sharp lift in insolvencies are hitting the small and family business sector particularly hard.
The nation’s small business ombudsman Bruce Billson – a former minister in the Abbott and Howard governments – will on Thursday release a 14-point plan he believes will energise the sector.
Billson said without far-reaching changes that helped small…
