Defence veteran business group the Veteran Business Community (VBC) has showcased a new plan to lift procurement opportunities for veteran-owned businesses to a group of more than 200 veteran business owners, industry leaders and procurement specialists at the inaugural VetCon conference in Sydney.
The VBC’s proposed Veteran Procurement Program encourages governments and businesses to engage more actively with veteran-owned suppliers, in a push to raise the profile of a sector that advocates estimate contributes around $45 billion to the Australian economy each year.
Veteran Business Community co-founder Peter Liston told attendees the new plan sets out a vision for commitments from large organisations to identify, engage and buy from veteran-owned businesses.
Liston said veteran-owned businesses remained one of Australia's most under-recognised business communities despite their contribution to employment and economic growth.
He pointed to estimates suggesting Australia could be home to around 45,000 veteran-owned businesses employing approximately 250,000 Australians.
"Veteran-owned businesses matter," Liston said. "We are significant in our contribution to the economy. We're significant in the jobs we create and significant in the services we deliver," he said.
Liston said the plan’s long-term ambition is to build greater awareness of veteran-owned businesses among procurement teams and create stronger pathways for them to participate in government and corporate supply chains.
Queensland was highlighted as the first state to formally recognise veteran-owned businesses within its procurement framework, which VBC's Liston said could provide a model for broader adoption across Australia.
The conference, held at CommBank’s Sydney headquarters, brought together entrepreneur veterans from across the country to share insights, build networks and discuss growth opportunities, reflecting the increasing scale and maturity of Australia's veteran business sector.
Opening the event, CommBank Defence Proposition Lead Paul Cragg (pictured) said supporting businesses extended beyond providing banking products and services.
"Our role is to help businesses start, grow and succeed," Cragg said.
"We do that through practical education, business insights and by connecting people."
CommBank's support for the veteran community extends beyond the conference.
Through CommBank for Veterans, the Bank provides specialist veteran business bankers, educational resources and tailored business support to help current and former Defence personnel transition into and grow successful businesses.
