Home topics news Image credit: Alexander Mils News News Addressing cost challenges: COSBOA’s recommendations Yajush Gupta May 29, 2023 In an effort to tackle the pressing challenges faced by Australian small businesses, the Council of Small Business Organisations Australia (COSBOA) has put forth a series of recommendations. These recommendations encompass various aspects, including energy cost relief, rental cost relief, lowering insurance premiums, reducing barriers to entry and exit, and alleviating regulatory burdens. COSBOA recently unveiled its comprehensive report titled “ The Small Business Perspective Report 2023: Challenges & opportunities facing Australia’s small business community,” shedding light on the evolving vulnerabilities and potential for growth amidst yet another demanding year. The report underscores the pressing issues encountered by small businesses, including the persistent rise in costs, dwindling revenue streams, workforce challenges, and the looming spectre of cyber security risks. By delving into these critical factors, COSBOA aims to provide valuable insights into the current state of Australia’s small business landscape and identify potential avenues for progress. Amidst the aftermath of the COVID-19 pandemic, Australian small businesses grapple with lingering effects, including increased operating costs and diminished revenue. The strain of successive interest rate hikes has reverberated across various sectors, impacting the bottom line of small enterprises. Additionally, the escalating energy costs pose a formidable challenge, with small business owners feeling a sense of helplessness as they struggle to control this expenditure. The consensus among industry leaders is clear: labour shortages coupled with rising wage entitlements are major contributors to the upward