New data from coaching services provider Brainact has revealed a stark 29.1 per cent gap in new business survival rates across Australian suburbs, highlighting a dramatic divide between the highest and lowest-performing areas.
More telling, the research, which looked at ABS data on business survival rates, also revealed the suburbs and regions with the lowest and highest survival rate in the country.
Babinda in Cairns has topped the survival charts with an average survival rate of 92.8 per cent. This is followed closely by Moree Surrounds in NSW at 90 per cent and Gnowangerup in WA at 89.8 per cent.
On the other hand, Goodna in QLD (63.7 per cent) Bondi Junction-Waverley in NSW (65.6 per cent) and Kingston in QLD (66.9 per cent) are among the top ten for business closures.
The majority of areas with the country’s lowest survival rate are in Greater Sydney. Aside from Bondi Junction and Waverley area, two suburbs around Parramatta (Berala and South Wentworthville), and three suburbs in Sydney’s South West (Cecil Hills, Liverpool – West and Ashcroft, Busby, Miller) also rank in the bottom 12.
Jared Dawson, founder of Brainiact and business coach, commented, “Geography plays a pivotal role in business survival. Regional areas with strong local economies and tight-knit communities tend to fare better in business survival, while urban centres experience the dual pressures of high competition and operational costs. This underscores the importance of choosing the right environment and sector when launching a business.
Dawson added, “For new business owners, I recommend choosing industries and locations with steady demand and building strong community ties from the start. It’s essential to keep your operating expenses low, focus on excellent customer service, and adapt quickly to changes in the market. Success isn’t just about spotting a market opportunity; it’s about creating sustainable growth. Embrace innovation, listen to your customers, and continually refine your approach. Staying resilient means investing in your business’s foundations and being ready to adapt as needed.”
