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Business migrants boon for Australia.



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Media Release

 

The Hon. Philip Ruddock MP

Minister for Immigration and Multicultural Affairs

 

Parliament House, Canberra ACT 2600

Telephone: (02) 6277 7860 Facsimile: (02) 6273 4144

 

MPS97/98

 

BUSINESS MIGRANTS BOON FOR AUSTRALIA

 

The economic benefits of skilled migration have again been demonstrated by research showing that businesses established by business migrants are exporting strongly, generating significant jobs for Australians, and investing millions in the Australian economy, the Minister for Immigration and Multicultural Affairs, Philip Ruddock, said today.

 

Mr Ruddock ‘s comments follow the release of independent research conducted by Access Economics into survey data from 1,497 business migrants who arrived in Australia between 1992 and 1996 and comparative data from the Business Longitudinal Survey, Conducted by the Australian Bureau of Statistics.

 

“The Government is committed to delivering a balanced Migration Program, with a proper emphasis on migrants with the necessary skills and capital to help the Australian economy grow. The results of this research are indicative of this approach”.

 

The Minister said the data indicated that:

 

* each firm had an average net worth of $600,000;

* each new business created 6.5 jobs

* almost 70 per cent of businesses were exporting;

* average annual export sales were $365,000 per firm; and

* a total of more than $962 million worth of funds and assets had been transferred to Australia by this group of business migrants and their families.

 

Mr Ruddock said th at the research also found that businesses established in Australia by business migrants performed impressively when compared to similar Australian business.

 

“Business migrant firms with 5-19 or 20-99 employees exported 20% more than Australian firms of comparable size, while those with 1-4 employees exported a staggering 10 times the value of Australian firms.

 

“They also employ, on average, more per firm than Australian businesses, with 50% more in the manufacturing sector and 80% more in retail trade.

 

“Business migrant firms also have considerably higher average net worth than comparable Australian businesses. Those in the retail trade sector have a net worth 8.1 times that of Australian firms, while it climbs to 10 times as much in the manufacturing sector and 15.6 times as much in the property and business services sector.”

 

“They are also more likely to remain viable in business than Australian firms, with comparative exit rates of 5.6% and 7.7% per year.”

 

“Some 4,572 business people (not including family members), have arrived under the Business Skills class since it was introduced in 1992,” Mr Ruddock said.

 

‘The Government believes these migrants will continue to improve and strengthen their position in the market place over time, with great benefit to the Australian economy.”

 

The business migrants surveyed completed questionnaires that assessed their efforts to engage in business in Australia at the 24 and 36 month point after arrival.

 

The top ten source countries for Business Skills migrants in the survey were Hong Kong SAR (23%), Indonesia (17%), South Africa (14%) Taiwan (14%), Malaysia (11%), United Kingdom (4%), Kenya (3%), South Korea (3%) Singapore (2%) and the United States (2%). The remaining 7% of arrivals came from a further 33 countries.

 

ENDS 

Thursday, 30 July 1998

 

Media inquiries: Brad Robinson (02) 6277 7860 or 0419 278 715

 

 

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