Family-owned businesses: Perspectives on Australian policy

Abstract

In 2008, a report was commissioned by the European Commission (EC) outlining various policy matters in the field of family business within the auspices of the European Union (EU). Family-owned businesses make a significant contribution to Australia's economic and social welfare. The EC report offers a template for examining family business issues relevant to Australia in seven key areas: political awareness, intergenerational business transfer, financial obligations, balancing business and family, lack of specific education, access to finance for growth and maintaining a skilled workforce. We find that Australian family business policy does not differ markedly to that of Europe. Several policy recommendations are outlined to enhance the recognition of, and provide support to, Australian family-owned businesses.