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New Definition of Australian Business to Shape Procurement: The North West Star
In a move that could have far-reaching implications for Australian businesses, a new definition is set to shape procurement practices. The Australian government has announced a revised definition of what constitutes an Australian business, with the aim of supporting local industries and boosting the economy.
Under the new definition, a business will be considered Australian if it is registered in Australia, pays taxes in the country, and employs Australian workers. This change is expected to have a significant impact on government procurement processes, as contracts will now be awarded based on a company’s commitment to the local economy.
The Minister for Industry, Science and Technology, Karen Andrews, has welcomed the new definition, stating that it will help to level the playing field for Australian businesses and create more opportunities for local companies to compete for government contracts. She emphasized the importance of supporting Australian businesses, particularly in the wake of the COVID-19 pandemic.
Industry groups have also expressed support for the new definition, with many praising the government for taking steps to prioritize local businesses. The Australian Chamber of Commerce and Industry has called the move a “positive step forward” and urged other countries to follow suit in supporting their own industries.
Overall, the new definition of an Australian business is set to have a significant impact on procurement practices and could help to boost the economy by supporting local industries. Businesses will now need to ensure they meet the criteria outlined in the new definition in order to be considered for government contracts.
