Commonwealth Bank’s Group Executive for Business Banking, Mike Vacy-Lyle, last week attended the SmallBiz Week Business Leaders Luncheon in Melbourne, providing a keynote address alongside the Australian Small Business and Family Enterprise Ombudsman, Bruce Bilson
While small businesses continue to face a variety of challenges, Mr Vacy-Lyle said in his keynote address that the ongoing growth and success of the small business sector is helping to drive the nation’s economic recovery after COVID.
“Small businesses truly are the backbone of the Australian economy, representing more than 95 per cent of all businesses, employing around 45 per cent of all Australians, and accounting for approximately 35 per cent of our economic output. While the pandemic has affected all facets of our economy and community, I know small business – particularly those here in Melbourne – weathered extraordinary conditions to stay afloat.”
During Bruce Bilson’s presentation at SmallBiz Week, the Australian Small Business and Family Enterprise Ombudsman said COVID had brought about a quiet renaissance in entrepreneurship.