KPMG releases Geelong Risk Landscape report, calls for ‘clear vision and strong leadership’

A report based on interviews with more than 30 Geelong business and community leaders has highlighted “the lack of a united voice and clear leadership” in the region.

A new report has detailed both the opportunities and risks within Geelong’s local economy. Picture: Alan Barber.

A lack of leadership and the absence of a united voice is seen by Geelong business leaders as a major risk to economic growth in the region, a new report finds.

The Geelong Risk Landscape report, released on Monday by KPMG, is based on interviews with 31 business and community leaders, representing various industries and sectors.

While some of the risks were macro in nature, a handful of Geelong-specific risks were detailed.

The need for a “clear vision and strong leadership for the region” was at the top of that list.

“Participants emphasised that without a cohesive and strategic vision, the city risks success in sustainable prosperous growth, which could lead to dire consequences,” the report explained.

“Participants noted that Geelong has many organisations needed to drive this vision … however, there is a need for champions who can bring these elements together and advocate for the city’s future.

“The lack of a united voice and clear leadership was seen as a barrier to attracting investment and driving growth.”

Matthew Fletcher and Claire Richards compiled the report, which follows the October 2023 release of KPMG’s Geelong Economic Blueprint.

Speaking on Monday at the big four consultancy firm’s Geelong base on level eight of the GMHBA building, Ms Richards said “most, if not all, participants talked about the risk of not having a clear vision and strong leadership”.

“That message came through loud and clear,” she said.

KPMG Geelong’s Matthew Fletcher and Claire Richards. Picture: Pam Hutchinson.

Among those in attendance were Geelong mayor Stretch Kontelj, Lara MP Ella George, Committee for Geelong chief executive Michael Johnston, and Chamber of Commerce boss Jeremy Crawford.

“A unified vision for Geelong’s future is critical … fragmentation weakens our collective impact,” Mr Johnston said.

A new report looking at the business risks and opportunities in Geelong has been released. Picture: Alan Barber.

Geelong, the country’s 10th most populated city, has grown at the second fastest rate of any in the top 50 at 12.7 per cent during the 2018-2023 period, outpaced only by the Sunshine Coast.

This rapid growth presents both opportunities and risks, the report noted.

“While a larger population can drive economic growth and expand the local talent pool, participants expressed concerns about the strain on infrastructure, housing, and public services,” it said.

“Sustainable urban planning was seen as critical to managing this growth effectively. “Participants called for a balanced approach that prioritises affordable housing, efficient transport systems, and green spaces to ensure Geelong remains an attractive place to live and work.”

Ms Richards, a Geelong-based KPMG partner in the risk consulting and advisory division, said regulations, policy settings, global competition, cost of doing business, and supply chain vulnerabilities were the most significant macro risks.

KPMG partner Claire Richards. Picture: Pam Hutchinson.

She said while cost of living and rising interest rates were called out as short-term risks, the medium to long term view was one of cautious optimism.

Ms Richards said the report emphasised the need for Geelong to transform from a region reliant on government support to a thriving hub where investors were eager to invest.

“I would emphasise that business growth creates jobs of the future which will be critical for the region’s ongoing economic prosperity,” she said.

A review of strategies from the City of Greater Geelong, Deakin University, Regional Development Victoria, and Committee for Geelong also helped shape the report.

Originally published as KPMG releases Geelong Risk Landscape report, calls for ‘clear vision and strong leadership’