Blueprint lays out potential for Geelong business growth

GEELONG is growing fast and can keep growing as it approaches a population of half a million, according to a new report from KPMG.

Released on Tuesday this week, the Geelong Economic Blueprint is described as “a snapshot of the opportunities for business and the community in Geelong”.

KPMG interviewed 56 local business and community leaders about their perceptions of Geelong’s growth potential and carried out demographic and economic research to provide a detailed picture of the city and region, and the opportunities ahead.

“The report presents the insights of local leaders capturing a vibrant picture of the Greater Geelong Region, its businesses, people, and the community,” KPMG Geelong geographic leader Paul Robson said.

“A key aspect supporting their commentary is the prediction of growth towards towards half a million people in the next 10 years-plus.

“The overall picture suggests the city and region have an exciting and productive future.”

KPMG national managing partner Naomi Mitchell said the report underscored the benefits of Geelong as a centre for business enterprise.

“Geelong is one of Australia’s fastest growing regions.

“The population of the region was almost 330,000 in 2021, and Geelong’s average Gross Regional Product per Capita at almost 5 per cent is expanding faster than both the Victorian and national averages.

“There are a significant number of both mature businesses and growing enterprises especially in the local healthcare, property, education, and manufacturing sectors.”

Mr Robson noted the finding that indicated Geelong has a strong business footprint.

There was 18 per cent growth in the number of businesses in the five years from 2016 to 2021, and small to medium enterprises (SMEs) form the core of the local economy.

Over the same period, there was 33 per cent growth in business entries into Geelong versus the Victorian growth number of 23 per cent.

“Geelong is an emerging leader with a significant business footprint,” Mr Robson said.

“Industries with the highest growth in the five years to 2021 included construction, transport, postal and warehousing, professional services, scientific and technical services, and healthcare and social assistance.”

He said Geelong was unique among Australia’s regional cities because it had a diverse group of industries.

“Geelong has all the elements for sustained business growth.

“It was great to see that a majority of the Geelong Economic Blueprint report participants identified ‘shared prosperity’ as one of the major measures of successful business growth.”

The other four measures are economic growth (GRP and GRP per capita), business growth and diversity, labour market (employment and education), and inbound investment and business.

The blueprint states it provides a “framework for measuring economic peformance” rather than a list of what needs to be done now.

“We don’t suggest specific actions but believe wide adoption of the key measures would give the region a strong start to economic and business growth in a positive and agreed direction”.

To download the blueprint, head to kpmg.com/au/en/home.html