Geelong is growing both in population and influence within the Australian and global landscape. And as local businesses have grown in size and scope, so too has Geelong's economy.
However, as Geelong continues to evolve, so do the barriers and risks to business growth in the region.
For Geelong's businesses to see sustained success and prosperity, managing risk is crucial. Effective risk management protects value and, when embraced, enables confident decisions to be made on new innovations, products, or services.
KPMG's Geelong Risk Landscape explores the factors that are shaping Geelong's business environment and growth potential. Through interviews of owners, founders, leaders and influential stakeholders from the private sector, education and member organisations, KPMG's study provides a comprehensive perspective on the growth of the local economy and businesses in Greater Geelong.
Business landscape in Geelong
Population
2.17% growth
Geelong is the 10th largest city in Australia
Economic growth
152% increase since 2008
Manufacturing and construction contribute almost 38% of gross regional product
Labour market
Up 37.8% since 2011
Biggest employer is the healthcare & social assistance industry, employing 16.8% of Geelong workers
Business growth
23.3% increase (2021 to 2023)
Construction industry employs 22.1% of the local business population
By leveraging KPMG’s global expertise and local understanding, we aspire to position Geelong as a model of economic adaptability and innovation.
De-risking business in the Geelong region: Five key insights
Business and community leaders in the Geelong region highlighted five key areas to address for de-risking the Geelong region.
Creating a unifying vision
Leadership is crucial. Geelong needs business leaders to join together to create a compelling vision for the region, unify its diverse aspects and foster leadership that's passionate about Geelong's future.
Deliberately growing businesses
For Geelong to thrive, existing businesses must grow, which requires a deliberate community effort to foster business growth through collaboration and education.
Geelong as a centre for innovation
Geelong’s ability to cluster and drive innovation is one of its greatest strengths. This capability positions Geelong as a leader in fostering innovation.
Geelong's future workforce
Expansion of existing businesses and the entry of new businesses is key to success in the Geelong region. Creating opportunities for expanding and upskilling Geelong's workforce while supporting the community will support both current and future prosperity.
Staying true to Geelong's identity
Geelong has a unique identity, distinct from being merely regional or metropolitan. For Geelong to realise its potential as a global city, maintaining and promoting this identity through a unified brand is key.
Contact KPMG's Enterprise team in Geelong
To find out how KPMG can help support local businesses and organisations within the Geelong region, contact us.
