‘Time is tough’: MYOB CEO warns small business ownership losing its allure [Video]

MYOB CEO Paul Robson warns retail and hospitality businesses are under intense pressure due to high interest rates, rising wages, ballooning costs and a slowdown in consumer spending.

Mr Robson warned the cost of living must improve, tax on the small business sector needs to be reduced, and red tape needs to be removed to allow small businesses to flourish again.

“The Australian economy needs small businesses to be successful. Small businesses become big businesses,” Mr Robson said.

“We need to promote an environment that allows that to happen and continue to happen.”