finance
StartNorth Hub Guides Broadmeadows Startups Through High Unemployment
The council-run coworking space at Lo12 Dimboola Road offers training and office space for local small businesses in a suburb where the unemployment rate reached 26.4 percent in the September quarter.
How we reported this
Broadmeadows records Victoria's highest unemployment rate at 26.4 percent as of the September quarter, according to data from areasearch.com.au. StartNorth, the suburb's first dedicated innovation hub and 24/7 coworking space operated by Hume City Council, provides affordable office space, mentorship and networking for startups and small businesses at Lo12 Dimboola Road.
Council programs target business strips
Hume City Council received $250,000 under the state's Multicultural Business Precinct Revitalisation Program to upgrade shopping strips on Barry Road, Olsen Place and Mahoneys Road. The funding aims to increase foot traffic for the roughly 56 percent of small businesses in the area's three key multicultural precincts that are owned by people with at least one parent born overseas. Broadmeadows Central at 1099-1169 Pascoe Vale Road serves as the main retail centre hosting many of these businesses.
The converted Broadmeadows Town Hall, a $13 million council investment, functions as a mixed-use jobs hub and affordable office incubator. Employment here concentrates in health care and social assistance at 13.7 percent, construction at 11.3 percent and transport, postal and warehousing at 10.5 percent, with noted strength in transport sectors.
Workforce data shows mixed signs
The local workforce participation rate stands at 53.2 percent, with 5,628 residents employed. Employment rose 4.1 percent over the past year even as the labour force contracted 0.6 percent. Median personal income sits at $478 per week, or $24,856 annually, in a population whose median age is 32.
Residents seeking to launch or expand a business can contact StartNorth directly for details on available space and programs. The council continues to develop feasibility work for an assistive technology hub to support advanced manufacturing in the north.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.