Australian Migrants and their small businesses are a force of revenue and employment nationally according to the Migrant Small Business Report from CGU Insurance.
Interestingly, the report found nine in ten of all Australian businesses are small businesses and migrants own one-third of Australian small businesses.
These figures show that Australian Migrants and the contribution of their businesses are assisting in the development of Australia’s growth and prosperity.
Who are migrant business owners?
The report explored research that shows migrants have moved to Australia for a better quality of life, career opportunities, and family. With 51 per cent of Australian migrants possessing a degree, a majority of Australian Migrants are educated, hard working and choose to start a business to gain a greater sense of independence.
Additionally, 2 in 3 Australian Migrants are skilled, bringing new skills and alternate perspectives to the Australian market. Interestingly, 36% of migrant business owners say their cultural background has helped them succeed.
These businesses provide training and employment opportunities with one-third of survey participants intending to hire new people to grow their business. 1.41 million people are employed by Migrant Business owners across Australia. Small migrant owned businesses are also offering this training to young people, providing a helping hand through provisioning training and employment opportunities to those who need them.
This report highlights that these businesses are also much more likely to hire other migrants, creating employment opportunities and contributing positively to social cohesion and diversity in Australia. The Scanlon Foundation findings mentioned in the report demonstrate the positive perceived value of migrants, their hard work and extensive contribution to the Australian workforce.
This report serves as a reminder of the new opportunities and economic prosperity created by migrants.
You can read the full report by clicking here.