Australian Owned welcomes the Albanese Government’s announcement of an official definition for an “Australian business” in Commonwealth procurement—a long-overdue step towards greater transparency and support for locally owned companies.
Australian Owned has been advocating for several years to ensure that genuine Australian owned businesses are given the recognition and opportunity they deserve in government procurement. This reform will ensure that businesses with at least 50% Australian ownership, Australian tax residency, and a principal place of business in Australia are properly identified in tender processes.
Spokesperson for Australian Owned, Alan Brady, praised the announcement, stating: “For too long, Australian businesses have been forced to compete against multinational firms with no clear way to differentiate those that are truly Australian-owned and operated. This decision is a major victory for local businesses, providing greater visibility, fairer competition, and ensuring government spending delivers real benefits to the Australian economy.
“We have fought tirelessly for this outcome because Australian-owned businesses are the backbone of our economy—creating jobs, reinvesting locally, and supporting our communities. This reform is an important step in recognising their value and ensuring they have a fair go in government procurement.”
The updated Consideration of Broader Economic Benefits in Procurement framework further strengthens opportunities for Australian businesses by incorporating weightings, priority outcomes, and contracting considerations, ensuring local companies are prioritised in tenders.
This announcement is a crucial milestone in the fight for a stronger, more sovereign Australian economy, and Australian Owned looks forward to continued engagement with government to ensure these reforms translate into real opportunities for local businesses.
