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Westpac lending to businesses in regional areas has increased 12.4 percent over the past two years, while metro areas have seen an 11.3 percent increase, according to the data, which shows the highest growth regions by percentage for Westpac business lending from November 2022 to October 2024.

“As we’re seeing more Australians move from capital cities to regional areas in search of more affordable housing and lifestyle factors, Australian businesses are following suit,” said Shane Howell, Westpac General Manager of Commercial Banking.

Some of the regional centres where Westpac is seeing the highest percentage growth for business lending are Coffs Harbour, Launceston, Tweed Heads, Bendigo, Mackay and the Gold Coast.

In Coffs Harbour, Westpac’s business lending (total committed exposure) grew by 67.5 percent between November 2022 and October 2024.

“These are localities where it is often cheaper to do business than in capital cities, so businesses can minimise risk, and they’re thriving regional hubs where young families are increasingly relocating, giving businesses access to talent in a tight labour market,” Mr Howell said.

“Some of the key industries experiencing growth include services like healthcare and education, as well as manufacturing, industrial logistics, property and agriculture.”

In some states metro areas are still dominant for business lending growth, including NSW, WA, QLD and SA, and in all states except Tasmania the volume of business lending remains higher in the population dense capital cities.