18 MARCH 2013
The family business sector awaits for recognition from the Federal Government
Senate committee inquiry into family business – submission tabling 20 March 2013
With an estimated wealth of $4.3 trillion and an average turnover of $12 million per annum1, family businesses make a substantial contribution to the Australian economy. However, despite their substantial role in Australia’s economy, there is currently no designated portfolio to monitor the interests of family businesses.
On 16 August 2012, the Parliamentary Joint Committee on Corporations and Financial Services launched an inquiry into Family Business in Australia. The long awaited report is due 20 March 2012
CEO of Family Business Australia, Philippa Taylor says, the impact of the inquiry can affect family owned businesses which account for around 70% of all Australian businesses. As the peak body for this sector we are very interested in the report and to gauge the committee’s response and recommendations.”
“As the peak body for this sector, FBA’s primary objective is to professionalise family firms to support continued contribution to Australia’s future”
A total of 38 submissions, including FBA’s, was received from a cross section of Australia’s family owned businesses, industry, family business advisers and sector supporters including KPMG, MGI and Bond University’s Centre for Family Business.
“We do hope that the Committee has heard loud and clear that the best support of the sector is not the imposition of further policy, but the championship of family business education and recognition of the longevity of family firms and the contribution they make to our economy”. Ms Taylor says
Family Business Australia (FBA) is a national, member-based, not-for-profit organisation for family business owners and operators and their professional advisers. FBA recognises that family businesses have unique characteristics and make a significant contribution to the life, culture and economy of Australia. Accordingly, FBA’s objectives are to: Improve the effectiveness of Australian families in business through the sharing of practical experience and knowledge; Promote the value and contribution that family businesses make to our society; and represent family owned Australian business as a strong and united voice.
WHEN: Tabling of report Wednesday 20 March 2013
WHERE: Federal Parliament
For further information or to arrange interview with Philippa Taylor, please contact:
Toni Barton, Marketing Manager, Family Business Australia
Phone: 03 9867 5322 or 0404 490 757