Family businesses are an essential pillar of the Australian economy, representing 70% of all businesses and employing 50% of the workforce. These businesses ranging from small to large contribute significantly to our economy with an average turnover of $12 million per annum, employing on average 37 staff. Equally in New Zealand, family businesses represent a staggering 75% of all businesses, contributing approximately 65% to GDP, and employing around 75% of the workforce. Notably, the agriculture sector, which is pivotal to the nation's economy, is predominantly made up of family-owned businesses.
Family Business Association, the peak voice for family businesses in Australia and New Zealand, is calling on all Australians and New Zealanders to celebrate and recognise the significant economic and social contributions these businesses make to the nation and their local communities on National Family Business Day, 19 September 2024.
Catherine Sayer, CEO, Family Business Association said the family business sector represents the majority of registered Australian businesses and offers a unique and widespread perspective of business life in our country.
“Through family businesses, we have a window into all industries and regions of Australia. We bring real and lived experience, and so it is essential we have a seat at the decision-making table to ensure these businesses and the communities they support continue to flourish for the betterment of us all.
“Family businesses range from large multinational corporations, manufacturers, farmers, retailers, professional services, trades, local independent shops and everything in between.
“Together they are an influential group with extraordinary entrepreneurial spirit who think long-term about their business and people.
“Family businesses are focused on the horizon and make decisions for the long-term to ensure their organisation lives on. They are exactly what our economy needs for sustainable growth,” said Sayer.
Australian consumers recognise and value family businesses with 70% saying they trust them more than non-family businesses and 66% of Australians said they are willing to pay more for products and services from a family business.
“Integral to the social and economic fabric, family businesses provide stability, trust, and support to communities. Many having generous philanthropic practices that give back to the community such as their own foundations, funding local infrastructure and supporting local sporting teams, schools, community groups and more.
“We are calling on all Australians to show their support for family businesses on National Family Business Day and beyond, by actively purchasing from businesses that carry the Australian Family Business Emblem on their products and promotions. The future of family business in Australia relies on us all taking action,” said Sayer.
Find out more about National Family Business Day here: https://nfbd.familybusinessassociation.org/nfbd24/
