Small But Mighty
Sydney’s CBD (postcode 2000) ranked second. (Source: NAB)
Melbourne’s CBD has emerged as Australia’s most active neighbourhood for new business formation.
According to NAB data on business account openings, Postcode 3000 recorded the highest growth in new business transaction accounts, placing Melbourne’s CBD ahead of Sydney’s CBD and a number of fast-growing suburban areas.
Sydney’s CBD (postcode 2000) ranked second, while postcode 3029, covering Melbourne’s western suburbs of Hoppers Crossing, Tarneit and Truganina, placed third. Other areas with high levels of new business activity included Point Cook and Werribee, as well as northern growth suburbs such as Craigieburn, Mickleham and Kalkallo.
“The west is thriving right now, and there are a lot of great businesses in the Point Cook area and surrounds,” said NAB customer Yasemin Talat, who owns Flex & Flow Pilates Studio.
“They’re businesses people who live around here need and want, from fitness to food. You don’t have to go to the CBD or travel outside of your own suburb to find Pilates, great restaurants, and beauty services anymore.”
NAB executive for small business, Krissie Jones, said Australia’s small business sector continues to grow in unexpected places.
“Small businesses are the engine room of Australia’s economy, and our data reveals hot spots from growth corridors to CBDs and a regional hub,” Jones said.
“Legal and accounting services businesses are the fastest growing in Melbourne and Sydney CBDs, while the golden triangle of Hoppers Crossing, Tarneit and Truganina is seeing growth in road freight transport businesses, perhaps not surprisingly given its proximity to freeways and relative rent and land affordability.”
The findings indicate Australia’s small business landscape is increasingly driven by local demand and accessibility, with neighbourhood-based ecosystems playing a growing role in supporting new enterprises.