New report urges action, not discussion, to drive Geelong growth

A new report from KPMG says the Geelong region’s business environment needs coordinated action, not more discussion, to support growth across the state, interstate and internationally.

Launched on Tuesday this week at KMPG’s Geelong office, the Geelong Growth Horizon report is subtitled “Making Geelong irresistible to growth so our businesses, our city and our region prosper”.

It is based on data collected from 113 responses to a KPMG Geelong survey and a forum with 40 local business leaders.

KPMG also interviewed business leaders in some of Australia’s regional cities and smaller capital cities as well as international cities such as Daejeon, South Korea; Gothenburg, Sweden; Glasgow and Birmingham in the UK; Hamilton, Canada; and Austin and New Orleans in the USA.

Almost half (49 per cent) of the Geelong-based businesses surveyed said they were looking at interstate growth opportunities while 25 percent said they had their sights on overseas markets.

Geelong Growth Horizon acknowledges in its early pages that it contains several of the same themes identified in KMPG’s Geelong Economic Blueprint from 2023 and last year’s Geelong Risk Landscape reports: talent constraints, fragmented external identity, regulatory friction, infrastructure activation and limited market visibility.

“What has changed is tolerance,” the report states. “Businesses are no longer prepared to accept limited movement and continued discussion. They want concrete actions that help them grow, compete and expand beyond the region.”

KPMG Geelong risk consulting and advisory partner Claire Richards said: “Geelong already has many of the assets other cities spent years assembling: a diversified economy, advanced manufacturing capability, globally relevant research, strong education institutions, a deep-water port, Avalon Airport, and proximity to national and international supply chains.

“What is missing is not capability, but coordination at scale.”

The report lists seven factors that can shape the Geelong region’s growth:

• Lifestyle is not the strategy – Geelong’s lifestyle is a strength, but it is not a growth plan
• Clarity beats breadth – Regions that succeed are clear about who they are and where they compete
• Market intelligence is a leadership discipline – Understanding who is investing, why and at what scale allows regions to act proactively rather than reactively
• The triple helix must work in practice – Government, industry and education alignment is no longer optional
• Growth requires a shared long-term view – Long-term intent gives confidence to investors, direction to institutions and clarity to businesses
• Businesses must grow beyond the region – Regional prosperity depends on local businesses getting access to larger markets, and
• Coordination is the competitive advantage – Shared priorities, defined leadership and collective risk-taking enable execution.

To read the full report, head to kpmg.com/au/en/insights/economics-geopolitics/geelong-economic-growth-landscape.html