Family businesses are the backbone of the Australian economy

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Family businesses are the backbone of the Australian economy with almost 70 percent of businesses in Australia family owned and operated.

Every 19th of September we take time out to celebrate the contribution family business makes to the community, the economy and Australian culture with National Family Business Day.

This year, the Australian Small Business and Family Enterprise Ombudsman Kate Carnell said there was no denying the impact family businesses have on the Australian economy with the family enterprise sector accounting for two in three businesses.

“The role family businesses play is an important one, as they employ more than 50% of the Australian workforce,” she said.

“With up to 70% of businesses being family enterprises, it’s crucial to recognise and celebrate the people who have made this sector flourish and grow.”

Carnell encouraged all Australians to get behind family businesses on this day of celebration.

“I urge people to shop local today and show your support for the family businesses in your community,” Carnell said.

Australian family businesses account for collectively over $4.3 trillion of the nation’s wealth.

Family Business Australia (FBA) CEO Greg Griffith told My Business family businesses were essential to a healthy economy.

 

Craig Edmondston from Snap Rockdade shares his family business story

“Most family businesses are Australian-owned and at a grassroots level, they provide the investment, work places and employment that make our cities and towns thrive. There are half a million family businesses nationwide, so it’s fair to say a healthy family business sector equals a healthy economy.”

FBA inducted seven family businesses into its Hall of Fame today in recognition of their outstanding contribution to the community.

The businesses honoured were: Actron Air, Bremerton Wines, Catalano’s Seafood, King Living, Kyvalley Dairy Group, Luv-a-Duck and White Industries.

 

 

 

 

 

Cec is a media professional with over fifteen years experience as an editor on titles as diverse as SX, Better Pictures, Total Rock, fasterlouder, mynikonlife and Fantastic Living. She has spent the past four years working as a news journalist covering all the issues that matter in the political, health and LGBTIQ arena. She is the Senior Writer at Pinstripe Media and a recent convert to the world of small business.

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