Geelong a beacon for growth in regional Australia

Geelong and its surrounding communities have emerged as a prime example of the innovation, investment and forward thinking that is helping to drive growth in Regional Australia, according to Commonwealth Bank CEO Matt Comyn.

Speaking on a visit to the city to meet with customers, business and civic leaders and CBA staff, Mr Comyn said Greater Geelong had experienced the third fastest gross regional product (GRP) of all large regional areas in Australia over the past five years.

From its past industrial business roots, Geelong’s modern economy now spans diverse sectors such as manufacturing, healthcare, construction, retail, hospitality and tourism and education and training, making it the largest economy in regional Victoria and third largest in the state.

Latest forecasts indicate that Geelong’s current population of 275,000 will grow to almost 400,000 by 2041 and will add 55,000 jobs to the 135,000 that the area already supports. That would result in an increase of $9.75 billion to its current GRP of $19.6 billion.

Mr Comyn saw at first hand examples of local businesses which are helping to drive the region’s growth including Cobram Estate Group, Australia’s largest vertically integrated producer of premium extra virgin olive oil, Protex Water, a water treatment manufacturing company, and Hamilton Group, specialists in property development and management.

“I’ve been very impressed by the passion, commitment and innovation of a diverse range of companies that are helping to provide jobs, expand the local economy and build wealth across the region,” said Mr Comyn.

“As a backer and provider of finance to many businesses in the area, CBA is proud to have played our part in this growth which underscores our commitment to regional Australia and our purpose to build a brighter future for all.”

As well visiting customers, Mr Comyn, Mike Vacy-Lyle, head of the business bank and the local CommBank team of business bankers met with the leaders of Geelong’s business community and mayor Trent Sullivan to discuss the opportunities and challenges facing the region and how CBA can continue to support the community.

Mr Comyn also visited CommBank staff at the Geelong branch and business banking centre and with the team later hosted a dinner for more than 120 customers to thank them for their ongoing relationships with CBA.

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