June 1, 2018 Migrant business owners are having a huge effect on Australia’s economy, from entrepreneurship to regional job placements, according to findings of the Migrant Small Business Report released by CGU.
The report findings also show that migrants own one-third of small businesses in Australia, and they are far outperforming their native counterparts across a wide range of distinct measures.
According to the report, there are more than 620,000 migrant-owned small businesses in Australia, which provide employment for more than 1.4 million people across the country.
Moreover, one-third of these migrant-owned small businesses in Australia have plans to expand their businesses, which will create an additional 200,000 jobs over the next 5-10 years. This is an especially impressive figure when compared to only the 25% of non-migrant owned businesses in Australia which plan to employ additional staff in the next decade.
In addition to small business entrepreneurship and job creation, migrants are also making valuable contributions to the Australian economy by playing a vital role in stabilizing the economies and populations of the regional areas.
Rural towns which have embraced migrant workers serve as leading examples of this, as they have experienced population growth, economic growth and an end to labor shortages.
“We’ve seen rural communities go from a place of population decline to 10 or 15% population growth”, said Jack Archer, chief executive of the Regional Australia Institute.
“We need communities to get past worries whether migrants are going to change things and really embrace the idea of change and new people coming to those communities.”
This comes as good news and can serve as an eye-opener for the rural areas in Australia that continue to struggle, but are resistant to embracing multiculturalism in their local areas.
[Source: eduaid NewsDesk]