The global and Australian trends indicate a steady increase in the generation of small waste electrical and electronic equipment (WEEE), constituting 30% of global WEEE in 2019 with an expected 90% increase in Australia over the next 25 years. Given this fact, identifying the most suitable circular economy strategy is vital in managing this waste stream. Hence, followed by a review of the literature, a model was developed to assess the suitability of repair, reuse, and recycling of small electrical and electronic equipment (EEE) by considering the lifespan and products put on the market (PoM) as critical variables. Findings indicate that solely repairing and reusing products, without reducing PoM small EEE, minimally affects short-term waste reduction. A synergistic approach, combining high product reuse with reduced PoM small EEE, is essential to decrease small WEEE generation significantly. Regardless of lifespan changes, the study indicates a proportional relationship between small WEEE generation rates and PoM small EEE changes, emphasising the need for a holistic strategy. Considering this, within stewardship schemes, the primary focus should initially lie on repairing and repurposing small EEE, with the potential for expansion into recycling once sufficient infrastructure and achievable recovery goals are established. Original equipment manufacturers (OEMs) must shoulder substantial accountability, with a firm commitment to extended producer responsibility (EPR) even for historical products. The initial rollout could target four specific categories: toys, food preparation equipment, vacuum cleaners, and household tools, with the scope widening to encompass all categories following successful implementation.