Close to half of all businesses believe a recession looms with entrenched pessimism weighing heavily on small business owners and companies in the troubled manufacturing and construction industries.

Almost one quarter (23 per cent) of the 633 companies in The Australian Financial Review Freshwater Strategy business survey say the Albanese government should prioritise reducing taxes and red tape, with one in five saying their biggest concern is uncertainty stemming from government decisions. Keeping inflation low and attracting more investment to Australia were also at the top of the business’ wish list.

Read more about the findings in the Financial Review, here.