New international day recognises importance of small business

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, welcomes United Nations recognition of the importance of small business as a driver of employment and economic development.

Tuesday, 27 June has been designated “Micro, Small and Medium-sized Enterprises Day.” A resolution was adopted unanimously at the UN General Assembly in April. The assembly noted that more than 95 per cent of enterprises in the world are MSMEs and they account for about 60 per cent of international private sector employment.

In Australia, Carnell said small businesses employ almost half of all workers and create a substantial proportion of new jobs.

“Small business contribution to the Australian economy is higher than the OECD average,”Carnell says. “According to the OECD, small businesses account for 44 per cent of employment in Australia and we rank eighth out of 32 OECD countries on this measure.

“The number of small businesses which are exporting continues to increase. The tax contribution of SMEs is also significant and growing faster than big business.”

Carnell urges everyone to reflect on the importance of small business and make a gesture to show support for the sector.

“If you’re buying goods or services on Tuesday, 27 June, think about small business and if you can support one with your purchase, please do. Just about everybody knows somebody in small business. A word of thanks or acknowledgement to your local hairdresser, coffee shop or pharmacist would be warmly welcomed.”

Carnell said she hopes the international day will become more widely recognised.

“It’s the first year, and I sincerely hope that governments, business organisations and communities will get behind it,” Carnell concludes.

Inside Small Business

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