Small businesses make a significant contribution to the Australian economy, making up 20 per cent of GDP and 50 per cent of the country's workforce.
Of the 2.4 million Australian companies registered with ASIC, around 96 per cent are small businesses with fewer than 20 employees.
On the regulatory front, many of ASIC's financial services and credit licensees, and the users of the products and services provided by those licensees, are small businesses.
This means small business is a big focus for ASIC.
My role as lead Commissioner for small business is to ensure ASIC is focused on understanding the issues facing small business and the ways in which we can support them.
We have established an Office of Small Business to co-ordinate ASIC's small business initiatives, enhancing our ability to engage, assist and protect Australia's small businesses.