Family businesses: a foundation of the Australian economy

Family businesses are an essential pillar of the Australian economy, representing 70% of all businesses and employing 50% of the workforce¹. 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 staff².

Family Business Association, the peak voice for family businesses in Australia and New Zealand, is calling on all Australians 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 makes significant contributions to the communities in which they work.

“Ranging from large multinational corporations through to local independent shops across a range of sectors including farming, retail, manufacturing and more, family business is an influential group who are deeply committed to their business and people.

“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.

“Many family businesses generously give back to the community through philanthropic practices such as their own foundations, funding local infrastructure and supporting local sporting teams, schools and community groups and more.

“Family businesses are focused on the horizon; 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 business³.

“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/

References

1. KPMG and Family Business Australia Survey of Family Businesses 2009 (in conjunction with Bond University)

2. The MGI Family and Private Business Survey 2006 (in conjunction with RMIT University)

3. 2024 Edelman Trust Barometer, The 2019 Edelman Trust Barometer: Implications for Family Business report