Businesses in the Yarra Ranges are more likely to be feeling financially safe and secure than in any other region in Australia.
Of regions with more than 5000 registered businesses, the Yarra Ranges has the lowest risk of insolvency in the country at only 4.81 per cent, according to the latest October 2022 CreditorWatch Business Risk Index (BRI).
Manager of Economic Development and Investment at Yarra Ranges Council Ben Harnwell said hearing the news was awesome and they are all really excited that our business community is so strong and resilient, from bigger towns like Lilydale to the strip of traders in areas like Warburton.
“We’ve got such a diverse business community who are strongly connected. That’s one of the factors that I see in this in our 55 towns and villages across the municipality, they’re all really well connected within their communities and people will support and shop local,” he said.
“We’ve had a number of impactful events from storms to floods, and the businesses are bouncing back and they’re coming together and the community is coming together with them. They pick up the pieces, dust themselves off and go on to the next challenge and keep moving forward, it’s a testament to the strength of the communities we’ve got here.”
No other region comes close to the Yarra Ranges business security, with Cottesloe-Claremont in Western Australia the next best at 4.92 per cent, then Adelaide City, South Australia 4.95 per cent, Ku-ring-gai, New South Wales and Geelong, Victoria both at 5.01 per cent.
Mr Harnwell said another part of the answer to the Yarra Ranges’ success is not only they are connected but their connection is formalised as well.
“We’ve got some really strong trader groups, business groups and chambers of commerce, even throughout the tourism industry, with the Wine Yarra Valley, Dandenong Ranges Tourism and Yarra Ranges Tourism as well as groups like Warburton Valley CEDA, creating more formal structures,” he said.
“The biggest thing I want to see from our businesses is for them to continue to formalise connections into those chambers and business groups because once you become one voice that represents many, you can then start to enact the change that you want to see.”
CreditorWatch’s Business Risk Index is a predictive indicator to help guide businesses when making future growth plans and inform public policy, ranking more than 300 Australian geographies by their relative insolvency risk, calculated with data from approximately 1.1 million ASIC-registered, credit-active businesses and CreditorWatch’s proprietary data.
Mr Harnwell said while 55 towns and villages seems like a lot when you break it down each l has its own little community, space and identity which is a key difference in the Yarra Ranges.
“It keeps them going through thick and thin, good times and the bad. Locals own businesses, operate locally and employ local people. We’re also very fortunate that as a visitor destination, we have an influx of people that come into our region and want to spend money, “ he said.
“We’ve got awesome creative businesses here who see an opportunity and jump to it, daring to have a go, put their hand up and try something new, which is another real strength and great for the diversification of our economy and their businesses.”
