A 2017 report by insurance agency CGU offers a deep insight into how important migrants and ethnic communities are contributing to Australia’s economic development. Sadly, many Australians rarely hear their unique stories, how and why these new arrivals turned to entrepreneurship in their new country.
Some of the findings:
- Migrants own and run a whopping one-third of small businesses in Australia.
- Almost 700,000 out of about 2.1 million registered small businesses in Australia are owned by migrants.
- In terms of workforce, those businesses employ 1.41 million Australians and their subsequent families.
- 83% of those owners, have never started/owned a business prior to migrating to Australia
- 51% of them have a college degree or higher (compared to non-migrant business owners (38%))
- 47% of them migrated to Australia for a better quality of life; 34% for family reasons and 32% in search of better career opportunities.
- 52% started the business to achieve financial independence.
- 16% started the business because they couldn’t get better employment
- 23% of them to bring innovative idea to life.
- 36% of them think their cultural background is an asset that helps their business (only 9% see it as a hindrance)