National Family Business Day to celebrate "backbone to Australia's economy"

National Family Business Day on Tuesday, September 19, recognises the great contribution family businesses make to the Australian economy, community and culture. The day is organised by Family Business Australia (FBA), the peak body for family businesses in Australia.

Just how important are family businesses to Australia? Recent statistics show:

·        Family businesses account for approximately 70 per cent of all businesses in Australia – estimated at half a million businesses

·        Approximately 50 per cent of the Australian workforce is employed in family businesses

·        Australian family business sector is worth approximately $4.3 trillion

·        The average family business has a turnover of $12 million, and employs 37 people

Greg Griffith, CEO of FBA, says the National Family Business Day is about unsung heroes. “With half of the workforce employed by Family businesses, they have long been the backbone to Australia’s economy and deserve more recognition for their contribution to our nation’s community and culture.

“Most family businesses are Australian-owned and at a grassroots level they provide the investment, workplaces 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.”

The major event for National Family Business Day is the announcement of new inductees into Family Business Australia’s family business Hall of Fame. Seven businesses are inducted into Family Business Australia’s Hall of Fame this year. “These are businesses which have made an outstanding contribution to their community, their industry and the economy over a long period of time”, Mr Griffith said.

Mr Griffith said our Hall of Fame inductees have an entrepreneurial spirit and he looks forward to congratulating our 2017 Hall of Fame inductees as they are announced on National Family Business Day. They will join some of Australia’s most iconic family business brands such as Scenic World, Akubra Hats, Haigh’s Chocolates, Maggie Bear, Coopers Brewery, Packer Leather, Bundaberg Brewed Drinks and Freedom Pools & Spas.

Mr Griffith said every cent that consumer spends on a family owned Australian business products remains in our communities. “Supporting family businesses has never been more important and we know Australians care as much about that as we do.”

About Family Business Australia:

Family Business Australia is the peak body for family businesses in Australia. Our purpose is to contribute to the long-term success of family business by providing resources and channels to promote success, sustainability and longevity.

We provide access to specialist family, business and technical services and generate opportunities for families in business to learn and grow by networking and sharing with their peers.

Visit www.fambiz.org.au