Australian federal government to unify business definition for government contracts to promote local firms.

The Australian federal government plans to create a standard definition of an Australian business to enhance local spending on contracts. Currently, criteria vary across departments, complicating competition for local firms against multinationals. A consultation paper will seek input on definitions based on factors like business location, tax status, and ownership. This effort aims to improve transparency in government spending, which totaled nearly $100 billion last year.

September 15, 2024
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