Australian small family businesses are on the decline and we are “sleepwalking” in to a big, corporate economy, according to Small Business and Family Enterprise Ombudsman Bruce Billson.

Mr Billson spoke to 6PR Afternoons host Julie-Anne Sprague and said in the last four years – based on information from tax returns – 46 per cent of small businesses did not make a profit.

“I see an ageing small business owning community… and there are only eight per cent of business owners under 30,” Mr Billson said.

Click PLAY to hear what Mr Billson had to say.

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