Micro-, Small and Medium-sized Enterprises Day

Micro-, Small and Medium-sized Enterprises Day

Micro, Small and Medium-sized Enterprises (MSMEs) are crucial for the economic development of Australia as they contribute significantly to employment and GDP. In 2017, the United Nations General Assembly designated 27 June as MSMEs Day to recognize the vital role of these enterprises in sustaining livelihoods and communities.

In Australia, MSMEs Day is celebrated to raise awareness of the challenges faced by small businesses and the contributions they make to the economy. The day is an opportunity for government and businesses to reflect and recognize the difficulties faced by small businesses and develop policies and initiatives to support their growth.

The Australian government provides support to MSMEs through various programs and initiatives, such as tax cuts, grants, and loans to encourage entrepreneurship and innovation. The government also works with organizations like the Australian Small Business and Family Enterprise Ombudsman to provide advocacy, advice, and support to small and family businesses. Micro, Small and Medium-sized Enterprises day is observed annually on June 27th.

Facts about Micro-, Small and Medium-sized Enterprises Day

• According to the International Council for Small Business (ICSB), formal and informal micro-, small and medium-sized enterprises make up more than 90% of all firms in the world. They also account for 70% of the total employment and 50% of the global gross domestic product (GDP).
• According to the UN, more than 600 million jobs will be needed by 2030 in order to handle the growing global workforce.
• MSMEs are proving to be more resilient and adaptable to economic shifts and market disruptions, being key drivers in ensuring an economy's sustainability. They have shown their mettle during the economic downturns and the ongoing COVID-19 pandemic.
• According to the Australian Small Business and Family Enterprise Ombudsman, there are approximately 2.3 million small businesses in Australia, which accounts for more than 97% of all businesses.
• MSMEs in Australia are significant job creators, employing nearly 44% of the total workforce in the country. Small businesses alone employ almost 4.9 million people across various industries.

In the News and Trending in Australia for Micro-, Small and Medium-sized Enterprises Day

Top things to do in Australia for this observance

• Learn more about the power of micro-, small and medium-sized enterprises .
• Discover 5 things SMEs need to survive.
• Explore various government programs and grants available for small and medium-sized enterprises, such as the Australian Small Business and Family Enterprise Ombudsman and the Entrepreneurs' Programme.
• Attend local or national events like the Small Business Expo, Inside Small Business Expo, or the Australian Small Business Champion Awards to network and learn from other entrepreneurs.