Small businesses across Wannon are being squeezed by the Albanese Labor Government’s inflation agenda, with new ABS data showing real small business profits have fallen by 15 per cent since Labor came to office.

Federal Member for Wannon Dan Tehan said the figures reflected the mounting pressure facing local businesses dealing with higher wages and higher energy, insurance and other operating costs.

“Small businesses across Wannon are working harder just to stand still, and these figures show just how badly Labor’s economic policies are hurting them,” Mr Tehan said.

“Since Labor came to office, small business profits have fallen 15 per cent in real terms, while real company profits have fallen by 23.4 per cent.

“Businesses are paying more to employ people and keep their doors open but their profits are going backwards.

“For local businesses in our towns and communities, this means less money to invest, fewer opportunities to expand and greater uncertainty about the future.

“Labor has no real growth agenda. Instead, it is taxing and spending more while businesses and families are left to pick up the bill.

“Businesses in Wannon should be able to get ahead, invest and create jobs. Instead, Labor’s high-tax, high-spend approach is making it harder to do business and harder for Australians to get ahead.

“The Albanese Government needs to stop punishing small businesses for aspiring to get ahead and create a secure future for their families, and start delivering policies that encourage investment, productivity and growth.”

ENDS

Media contact: Sandie Gustus M | 0408 564 232 E | sandie.gustus@aph.gov.au