Australia

Only a quarter of Australian family businesses saw an increase in profitably and market share over the past three years, and less than half expect the market to improve in the next year, according to research out of a Melbourne university.

The report also found family businesses did not feel the federal government gave them enough support.

Produced by RMIT University, Australian family businesses: Surviving, not thriving, found only 40% expect the market to improve in the next 12 months.

An Australian white paper examining the role of family businesses in the national economy could be forgotten in the wake of national elections this year, a family business expert says.

The report, Family Business in Australia – Different and Significant, published in March, was the result of months of research by a parliamentary joint committee aiming to quantify the contribution of family businesses to the economy and to assess the challenges they face.

Employees at one Australian business recently got a welcome surprise, after the family behind bus company Grenda Corporation decided to reward workers with an AUS$15 million (€12.2 million) gift.

The company, controlled by the Grenda family, sold off its transit operations last year, netting a cool AUS$400 million.

But rather than banking it all for themselves, patriarch Ken Grenda, along with his sons Geoff and Scott, decided to share a chunk of the profits with employees as a thank you for all their hard work.

Perth will have a larger ultra-high net worth population than Brisbane by 2014, thanks to its growing mining sector and the surge in commodity prices.

Figures from research company Wealth-X show Perth is currently home to the fourth-highest concentration of ultra-wealthy in Australia, behind Sydney, Melbourne and Brisbane.

But in only a couple of years, the city, located in Western Australia, will see its UHNW population outgrow Brisbane’s, according to the report.