26 June 2019

Thursday 27 June, is World MSME DAY celebrating the existence of millions of micro and small to medium enterprises around the world and the Institute of Public Accountants (IPA) says we should all celebrate.

According to the data provided by the International Council for Small Business (ICSB), formal and informal Micro-, Small and Medium-sized Enterprises (MSMEs) make up over 90% of all firms and account on average for 60-70% of total employment and 50% of GDP.

The General Assembly of the United Nations, in recognition of the importance of the sector, declared 27 June the Micro-, Small and Medium-sized Enterprises Day to raise public awareness of their contribution to the global economy and sustainable development.

“We all know of the critical role that small business plays not just in Australia but across the globe,” said IPA chief executive officer, Andrew Conway.

“With some 75 per cent of our members servicing small business or being small businesses in their own right, it is certainly worthy of celebration.

“Our Australian Small Business White Paper aims to create better policy outcomes to strengthen small business productivity which is essential for our economic prosperity and protection of the living standards we currently enjoy,” said Mr Conway.