The paper outlines the evolution of small business policy in Australia and New Zealand. Adopting an historical perspective, changes in policies and programs from the 1970s to the present for these two nations are discussed and compared. Starting with an overview of the nature of small business policy and its emergence internationally, the distinction between small business policy and entrepreneurship policy is considered. Details of the major policy developments for each country are presented by decade, linked to their national governments and the core policy fields. Both countries follow similar patterns of increasing policy sophistication and the transition from small business to entrepreneurship policy. Similarities are most likely due to their closer economic and social ties, and the tendency to look at international trends and adopt them. Australia has retained significant focus on small-to-medium enterprises, whereas New Zealand has moved towards entrepreneurial firms and the enabling environment for all businesses.