Immigrant small businesses employ 1.41 million Australians

Immigrant small businesses employ 1.41 million Australians

I.41 million Australians are employed by immigrant small businesses according to the report of the CGU, the Insurance agency in Australia. The report is an eye-opener regarding the rarely highlighted stories of immigrants in Australia and their impact on the small business sector.

Immigrants possess and operate a whopping 1/3rd of the total small businesses in Australia explains the report. This implies that the numbers of immigrant-owned businesses are 660K +. For the labor market, this implies that 1.41 million Australians and their families get bread and butter from the immigrant small businesses.

The Ombudsman for Family Enterprise and Small Business in Australia said that these immigrant small businesses are actually not small. The 2.1 million so-called small businesses account for an astounding 97% of the total Australian businesses.

The large majority of businesses in Australia that is 9+ out of 10 are small businesses. These account for 33% of the GDP of Australia and employ 40% + of the workforce in the nation. Around 12% of the sum of tax revenues by companies is accounted by them, as quoted by the Guardian.

In spite of the vast contribution to the economy, these small businesses are frequently overlooked by the Australian government. They are also intimidated by the large firms.

The digital accounting software that targets small businesses, XERO has an interesting insight for small businesses. It further reveals that big businesses are often named and shamed for outstanding overdue of payments. However, the small businesses get the payment receipts after the limit of 30 days.

The Ombudsman for Family Enterprise and Small Business in Australia notes that immigrant small businesses account for 11% of GDP of Australia. They also account for 4% of the total tax revenue by companies.

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Anshul Singhal

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