New CBA data released today shows the Central West region is among the most popular destinations for people moving to regional New South Wales, with the Mid Western Regional LGA achieving 122 per cent growth in net internal migration during the 12 months to March 2024. The growth was driven on the back of strong net flows from the capitals, which was up by 12.1 per cent over the last 12 months, and 10.8 per cent on a quarterly basis.
The CBA data, which analyses the quarterly and annual trends in people moving to and from Australia's regional areas, shows the Mid-Western LGA is the third fastest growing regional LGA in NSW. When it comes to capital to regional migration, the Orange LGA also experienced a positive net flow recording an uplift of 279 per cent over the same 12 month period.
CBA Group Executive Business Banking Mike Vacy-Lyle said: "With high house prices and cost-of-living pressures biting, many people are choosing the Central West region because of the job opportunities it offers, combined with a fantastic lifestyle.
"The Central West region is a major regional hot-spot renowned for its food and wine and excellent agricultural produce.
It's rich in natural resources and agriculture and tourism are significant drivers of jobs and opportunities. Increasingly, health and education as well as renewable energy have also taken on a significant role in the region's economy."
The release of the data comes as the Commonwealth Bank's Business Banking leadership team travelled to Orange this week to meet with a number of local business and community leaders across the Central West to discuss the issues and opportunities unique to regional Australia.
The team met with several businesses spanning community health, hospitality, logistics, manufacturing and agricultural sectors from Orange and across the Central West region to gain further insight into the opportunities and challenges being faced by local businesses. Business leaders told CommBank they were focused on protecting the ongoing stability of the region's economy, and supporting future investments in infrastructure, tourism, and the skilled workforce.
With a long history of serving regional and rural communities around Australia, CBA is committed to working in partnership with local business leaders to address these areas of opportunity and identify new ways to unlock growth.
Joined by over 80 business banking customers from across the region, CBA hosted an event at the Borrodell Estate this week, where guests were treated to a fireside discussion between senior leaders. Mr Vacy-Lyle and CBA Executive General Manager Regional and Agribusiness Banking Paul Fowler gave a business update and discussed the region's economic outlook, reaffirming CBA's support for key industry sectors.
Commenting on the visit Mr Vacy Lyle added: "We are deeply committed to supporting regional Australia, including Orange and the Central West, where we are continuing to grow our local team and bring new opportunities to the region.
"As Australia's leading business bank, it's imperative that our leadership team and branch staff spend time engaging with the communities we serve, hearing directly from business leaders about the things that matter to them. This visit was an opportunity for a number of our senior leaders to hear first-hand from community and business representatives about what is happening in the region, what is important to them, and how we can best partner to improve the financial wellbeing of our customers and the broader community. We have a strong appetite to lend to local businesses and remain excited by the opportunities in this region."
Further demonstrating CBA's support for Orange and the Central West region, the bank has recently been appointed by Orange-based progressive community housing enterprise and specialist homelessness and domestic and family violence service provider Housing Plus as their transaction banking partner.
Justin Cantelo, CEO of Housing Plus, said: "We are thrilled to partner with Commonwealth Bank as our transaction banking partner. Their commitment to supporting regional and rural communities aligns perfectly with our vision to improve people's lives through independence and choice."
For over 110 years the Commonwealth Bank has proudly served regional and rural communities right across the country.
Last year, CBA announced its commitment to keep all regional branches open, until at least the end of 2026, and welcomes the opportunity to partner with regional customers to help them achieve their business goals.
Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.
