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Abstract

Microbusinesses form an important basis for future entrepreneurial and economicdevelopment in Australia. The microbusiness sector contributes significantly to Australia’seconomy, its social fabric and its ability to evolve, innovate, incubate and meet changingeconomic demands. The objective of this paper is to examine the important rolemicrobusiness plays in the Australian economy and to provide a formal definition of whatconstitutes a microbusiness. Traditionally business in Australia has been classified as being a‘small’, ‘medium’ or ‘large’ with the additional categories of ‘small to medium’ (SME) or‘multi-national enterprises’ (MNE). An additional complication is created when trying todetermine if a business exists or if it is just a ‘hobby’. Further to this, there is a lack ofmicrobusiness specific data collected and published because the key regulatory and reportingagencies do no not recognise microbusinesses as a separate category or if they do, they areonly included as a relatively unmonitored and unrepresented subset of small business. It iscontended that Australia lacks an appropriately defined microbusiness category that could beused to create government support devices and steps to monitor their economic significance.This paper discusses the significant ramifications this has for businesses in general and theNation’s economy. Based on this analysis the paper sets out the criteria for the establishmentof a new category for microbusiness.

Item Type:	Article
Authors/Creators:	Pfitzner, DM and McLaren, J
Keywords:	Microbusiness, Australian Business Number, cash economy
Journal or Publication Title:	Australasian Accounting Business & Finance Journal
Publisher:	University of Wollongong
ISSN:	1834-2000
DOI / ID Number:	https://doi.org/10.14453/aabfj.v12i3.2
Copyright Information:	Copyright 2018 Australasian Accounting Business and Finance Journal and Authors
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