Hello, I'm Peter Siebels, Head of Australia's Private Enterprise division and also KPMG’s global executive Asia Pacific representative. In Australia, our Private Enterprise division serves a large number of private companies, family owned groups and high net worth individuals.
indeed we are highly fortunate to serve a number of family businesses who have been in business for over 150 years. In Australia, the family business team is led by Dominic Pelligana and Bill Noye, and they are supported by a group of family business specialists, right around the nation.
Family Businesses in Australia:
generate 50 percent of Australian GDP
employ over 50 percent of the Australian workforce
account for 70 percent of all Australian businesses.
All businesses face challenges. They are challenged by economic uncertainty, government regulation and growing profitability. Family businesses have a unique extra set of challenges, and that is managing the family element of a family business. Specifically, challenges include:
fostering entrepreneurship and innovation
recognition and support
complexities of generation perspectives
managing competing priorities.
KPMG is very proud of our sponsorship of Family Business Australia. We have been national sponsors since 2005. During that period we've hosted national conferences, state conferences, annual surveys and invested a significant amount of time and energy into education courses, both writing and co-presenting them.
We're really excited about the next 12 months. You'll see a continued investment in the family business segment. We're bringing out globally recognised experts and academics on the topic and we're investing in our Centre of Excellence which is a Global Centre of Excellence so KPMG can share its global thought leadership and experiences, as well as proven frameworks and processes for the benefits of our clients.
KPMG Private Enterprise has a national team of accredited family business advisers, and in addition to our tax, accounting services and audit services we have a team of family business advisers that understand the complexity and dynamics unique to family business. Our Family Business services include:
family office creation.