SME Definition: What Is an SME in Australia?
SME, meaning small-to-medium enterprise, is a term used to describe a range of businesses based on the number of employees or annual turnover. These enterprises represent the vast majority of businesses in Australia, employ millions of people, and are the engine of the economy, responsible for 55 per cent of GDP. But what’s the definition of SME? Here we look at small-to-medium-sized enterprises, how they are defined in Australia, and their economic impact.