Immigrant business owners have made a huge impact on the economy of Australia as per the latest report of the CGU. The impact made by them ranges from regional job placements to entrepreneurship. Younger generations in Australia are welcoming diversity and multiculturalism. This is further supported by the latest report that elaborates that immigrant workers are positively influencing the economic success of Australia.
The report Migrant Small Business revealed by CGU sheds light on the immense contribution made to the Australian economy by immigrant business owners. It elaborates that 1/3rd of the Australian small businesses are owned by immigrants. They are outperforming their counterparts in Australia in a range of unique measures, as quoted by the Finder.
The study has been compiled from results of 921 online surveys held in August 2017. This reveals that 620,000 plus small businesses in Australia are owned by immigrants. They are responsible for employing 1.41 million people in Australia.
Additionally, 1/3rd of the immigrant-owned businesses plan to expand their business by hiring new workers. This is estimated to create 200,000 fresh jobs in Australia in the next 5 to 10 years. On the other hand, mere 25% of the businesses in Australia owned by non-immigrants plan to hire extra workers in the next 10 years.
The valuable contribution of immigrants to the Australian economy is not confined just to job creation and small business entrepreneurship. They have also played a crucial role in stabilizing the economy and population or rural regions in Australia.
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