Today, we proudly celebrate World Micro, Small, and Medium-Sized Enterprises (MSME) Day, recognising the extraordinary contributions of small businesses to our nation. In Australia, MSMEs are not just an economic asset; they are a powerhouse of jobs, innovation and employment, driving the country's economic engine.
Small businesses account for 98% of all businesses in Australia, employing over 5.1 million people. This represents 42% of private sector jobs, showcasing their pivotal role in providing employment opportunities across the country (ASBFEO). These enterprises are instrumental in sustaining local economies and communities, offering diverse job opportunities and fostering entrepreneurial spirit. They support large business and government services.
The economic significance of small businesses is immense. In 2021-22, the sector contributed over $506 billion to the Australian economy, equating to one-third of the nation’s GDP (ASBFEO). This substantial contribution underscores their importance in maintaining economic stability and growth, particularly during challenging times.
Furthermore, small businesses are integral in training and development, employing 42% of all apprentices and trainees in Australia. This commitment to nurturing talent ensures a continuous supply of skilled workers, essential for the country’s long-term economic health (ASBFEO).
MSMEs must be supported to be nimble and entrepreneurial so they can continue as the powerhouse of employment for the economy. By fostering an environment that encourages innovation and flexibility, we can ensure that these vital businesses invest, thrive and continue to provide essential employment and career opportunities for millions of Australians.
Linq HR as a small enterprise ourselves. We support MSME's to manage and grow their people through our expert range of Employment and Human Resources services.
