According to the Family Business Australia (FBA), family businesses account for around 70 per cent of Australian companies, and are collectively worth an estimated $4.3 trillion.
The average family business in 2017 employs 37 people and turns over $12 million.
“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,” said FBA’s CEO Greg Griffith.
“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.”
As part of the association’s celebration, seven businesses have been inducted into its Hall of Fame in recognition of “an outstanding contribution to their community, their industry and the economy over a long period of time”.
The firms – Actron Air, Bremerton Wines, Catalano’s Seafood, King Living, Kyvalley Dairy Group, Luv-a-Duck and White Industries – have collectively been operating for 412 years, testament to their longevity.
They join the likes of many iconic Australian brands, including Akubra Hats, Coopers Brewery, Haigh’s Chocolates and Bundaberg Brewed Drinks.
“Supporting family businesses has never been more important and we know Australians care as much about that as we do,” said Mr Griffith, adding that all profits from Australian businesses remain here in Australia.
The announcement comes just several weeks after ice cream maker Weis was sold by its founding family to global giant Unilever.