It’s hard to believe we’re nearing the end of another financial year. With this on the horizon, so too is the release of the Federal Budget; exciting I know, but nonetheless an important consideration for those in business. Submissions such as those from the Institute of Public Accountants (IPA) have focused on boosting productivity across the small business/SME sectors. It is essential we recognise that if Australia is to overcome the economic challenges ahead, then a more productive small (and family business) sector will be critical. We are, after all, Australia’s largest sector!
For those interested, KPMG will hold a number of budget briefing events in May. These are an opportunity to understand the impact of the Federal Budget on the Australian economy, business environment and your family business. For more information on the Melbourne and Brisbane events, follow the links.
On the matter of Australia’s productivity, we have been involved with the Productivity Commission on their enquiry into Business Set Up Transfer and Closure; they were very interested in our issues. The draft report is now available, click here for more information.
We have also engaged in an exciting partnership with the Australian Made Campaign which seeks to assist and support Australian growers and manufacturers by raising awareness about the importance of supporting Australian produce. With up to 70% of Australian businesses being classified as family businesses, both organisations share common goals. The collaboration will include sharing resources and educating businesses about the important role their Australian-made credentials can play in the marketing of their businesses. Australia has so many impressive locally made and grown goods, we want as many people as possible to know about them! If you haven’t already, make sure you check out the ‘family owned Australian business’ emblem.
Last week I had the opportunity to speak with Natasha Mitchell from ABC Radio National on her program Life Matters to talk about family business. We discussed how Australian family businesses often find juggling business with family relationships to be a delicate matter, especially when decisions have to be made about who will inherit the business. To listen to the podcast, click here.
As always if you have any questions or comments about the family business sector and the challenges faced as a whole, please be in contact with me.
Family Business Australia