A third of Australian small businesses owned by migrants

[Cerberus1]

According to the CGU Migrant Small Business Report, a third of all small businesses in Australia are being run by migrants and many had no entrepreneurial experience prior to setting up thriving enterprises. Greater independence was said to be the primary motivator for migrants in starting up their own businesses.

The CGU Migrant Small Business Report was based on EY Sweeney research of over 900 business owners. It was released on Monday.

The report shows that migrant owners are determined to create jobs for themselves. It also suggests that they are more highly educated compared to their non-migrant counterparts, with 51 percent having a bachelor degree or higher.

Among the key findings of the report was that 83 percent of migrant small business owners did not own a business before coming to Australia. While the key motivator for those setting up their own businesses was greater independence, they were also more likely to take the plunge when they can’t find other work.

Some Australians are currently working for migrant bosses. Over 1.4 million Australians are reportedly working for migrant employers at this time.

The number is expected to climb by a further 200,000 over the next five to 10 years. A third of businesses in Australia, which are owned by migrants, can possibly hire more people due to increasing demand.

CGU Insurances's small business spokeswoman Kate Wellard said the “significant contribution” migrant small business owners make to Australia is largely an “untold story.” "Our research helps challenge perceptions that our migrants are taking more than they're giving and the positive impact they have on our business community.”