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Founded in 1988 by Joseph Assaf AM, a Lebanese born Australian who specializes in multicultural marketing and businesses, the awards' goal was to "recognise and reward the contributions of migrants to the Australian economy".
His administration coincided with rapid post-war expansion of the Western Australian economy and, in 1950, conducted negotiations with BP to develop an oil refinery at Kwinana which subsequently developed into the state's main industrial district.
In economics, a Swan Diagram, also known as the Australian model (because it was originally published by Australian economist Trevor Swan in 1956 to model the Australian economy during the Great Depression), represents the situation of a country with a currency peg.