Statistics released in the CGU Migrant Small Business Report reveal that one third of all Australian small businesses are owned and run by migrants. While many Australian citizens may believe or argue that migrants can be taxing on the Australian economy, these statistics prove that in fact they contribute quite considerably to the Australian economy. The level of education and revenue in the surveyed small business owners also showed that 51% of migrant business owners have a bachelor degree or higher, compared to 38% of Australian-born business owners, while migrant-owned businesses annual revenue was 53% higher than their non-migrant competitors. This interestingly shows that not only are migrants contributing they are also more qualified to do so.
The report also revealed some insights into why many migrants start up small businesses, and surprisingly 52% said they started a business to become more independent, and 16% said it was because they couldn’t find job opportunities elsewhere in Australia. This motivation has led them to great success within the business service, retail, hospitality, community service and education industries, and shows promise for future migrants wishing to pave their own futures in Australia and help boost our economy.
CGU Migrant Small Business Report