Migrant-run small businesses recognised for their contribution

On the occasion of Harmony Day today, 21 March, 2022, Australian Small Business and Family Enterprise Ombudsman Bruce Billson has expressed his gratitude to migrant-led small and family businesses for their valuable contribution to the vibrancy of the community and vitality of the national economy.

“Harmony Day is a timely opportunity to recognise and celebrate the significant contribution of more than 600,000 migrant-led small businesses in Australia today,” Billson said.

Billson noted that one in three small businesses are run by people who have moved to Australia from overseas. He also noted that migrant-run businesses contribute more than their entrepreneurial share across a range of measures including job creation, innovation, revenue and growth aspirations.

“According to CGU’s Migrant Small Business Report about a third of migrant-run small businesses plan to grow their businesses by hiring new staff, with projections indicating the creation of 200,000 new jobs by 2027,” Billson said. “By 2050 it’s predicted that migration will contribute $1.6 trillion to Australia’s GDP – adding 15 per cent to the nation’s workforce participation rate.

“Migrant small-business leaders are educated (51 per cent have a bachelor degree or higher), entrepreneurial and driven, with 42 per cent working in excess of 40 hours per week,” Billson added. “So many of their stories are inspiring and there is no doubt our culture, local business communities, and choice of good and services available to consumers and other businesses, are enriched by their presence.

“My agency is keen to share these stories and to raise awareness about the assistance and advocacy work we do for small and family businesses in Australia,” the Ombudsman continued. “We welcome contact from small and family business owners of all cultural backgrounds, to hear about their experiences and insights about how we can help make Australia the best place to start, grow and transform a business.”