10 out of 10: CreditorWatch ranks Norwood Payneham & St Peters the number one council in Australia for lowest risk of business failure for 10 consecutive months

The Business Risk Index ranking, released monthly by CreditorWatch, considers a range of business-related indicators, such as property prices, rents, consumer confidence, insolvencies, inflation and interest rates.

Of the number one ranking, Mayor Robert Bria says this is an “incredible result for a relatively small council in South Australia”.

“When you consider there are 537 Councils in Australia, achieving the number one ranking once is a great result, but then going on to maintain that ranking for another nine months is pretty special.

“What this tells us is that business confidence in Norwood Payneham & St Peters is high, brick and mortar traders like being here, and the lifestyle our City offers makes operating home-based business an attractive proposition.

“Our local business community is large with more than 7,000 businesses, which equates to almost one business for every five residents in our City,” he said. 

“This ratio means our economic strength is directly linked to our community strength, making for a more connected, prosperous and socially cohesive city.”

Mayor Bria says the diversity of the local economy means that multiple sectors have contributed to our resilience during challenging times.

“As you’d expect in a city like ours, retail and hospitality are big sectors, but other sectors such as health and education are also strong,” he said.

For more than a decade Tom McClure has been trading on The Parade as Grill’d Norwood and says the recent data and long-running number one CreditorWatch ranking, positions The Parade and City of Norwood Payneham & St Peters as an ideal place to continue doing business.

“I’ve been running a hospitality business on The Parade for 11 years and these results confirm what we’ve known for some time—The Parade is a destination, especially for hospitality,” says Tom.

“Annual events such as the Norwood Food and Wine Festival and AFL Gather Round add to the vibrancy and appeal, while Council’s ongoing support ensures local businesses continue to thrive.

“As a business owner who previously held a position on The Parade Precinct Committee, I am grateful for the consistent efforts made by the Council to support local businesses and grow the local economy — and the results are in and they’re pleasing to say the least."

Mayor Bria suggests that despite the impressive results, the Council must keep working closely with local business and the South Australian Government to help create the conditions for long term economic growth.

“Rather than rest on our laurels, we need to double down on our efforts to stay engaged with the local business community to ensure they continue to invest and create jobs.”

Media enquiries: Robert Bria on 0431 754 077 or Allison Kane on 0499 558 834