Daily Telegraph. 8th of November 2024
Australia has experienced a huge wave of business insolvencies under the Albanese Labor government.
ASIC reported 11,053 businesses failing in the first half of the 2024/2025 financial year alone – the highest six-month total on record. Construction accounts for more than a quarter of all business failures. This is particularly concerning, as it further worsens the nation’s housing crisis. Hospitality and retail together account for another 5248 of business insolvencies. These industries employ around one fifth of all working women in Australia. This highlights the current fragility of women’s financial independence, further undermined by Labor’s economic policies, inflation and rising costs.
Despite mounting financial pressure on small business owners, Minister for Finance and Women Katy Gallagher dismisses the current insolvency figures as “proportionate” and nothing out of the ordinary. This reveals a concerning lack of urgency and understanding from the Albanese government regarding the crisis facing Australia’s small businesses. Additionally, it is further evidence that the Labor government has no meaningful plans to change its current course.
A recent survey by the Council of Small Business Organisations Australia (COSBOA) highlighted the top concerns for small businesses, with 35 per cent citing interest rates and 45 per cent pointing to rampant inflation. Yet the Finance Minister chose to focus on the government’s Cyber Wardens Program – despite cyber security concerns ranking at the very bottom of the concerns list, with only six per cent of businesses identifying it as a major worry. This response underscores the government’s misalignment with the real, urgent challenges small businesses are facing.
The statistical data clearly shows the financial pressures on construction, hospitality and retail businesses are relentless, impacting Australian families every single day. By contrast, the Coalition government will always fight for the family and small business sector to ensure they have the opportunity to grow and succeed.
Maria Kovacic is a NSW Liberal senator
