Doing Business in Victoria: Opportunities and Challenges for Brokers

Victoria has long been seen as one of Australia’s more complex states to do business in. Economic headwinds, shifting industry dynamics, and state-specific pressures have created an environment where resilience and strategy are critical. These issues were at the heart of a recent forum hosted by Nick Samios of Hermes Capital, bringing together leading experts to explore the challenges and opportunities facing Victorian businesses today. Panelists included Paul Thompson (Fortitude Debt Advisory), Gary Tescher (Promentor), and Matt Murphy (Prime Financial Group), each offering unique perspectives drawn from decades of hands-on experience in finance, restructuring, and advisory services.

Setting the Scene: Victoria’s Business Climate

The conversation began with a frank assessment of Victoria’s current landscape. Compared to other states, Victoria has shown slower growth and faces persistent challenges from compliance obligations, cost pressures, and lingering after-effects of major infrastructure projects. While it’s easy to adopt a pessimistic outlook, the panelists emphasised that success lies in identifying and seizing the opportunities that do exist. Brokers, advisors, and business owners who can spot these openings and act decisively are best positioned to thrive.

Industry Perspectives: Advisory, Turnaround, and Restructuring

Matt Murphy highlighted the importance of strategic advisory and mentorship, particularly for SMEs. He stressed that the complexity of challenges often goes beyond state borders, requiring businesses to focus on organisational health, decision-making, and planning for future growth. Gary Tescher drew on his turnaround experience to explain how operational strategies can return businesses to profitability. He noted the lasting impact of past infrastructure projects in Victoria, which continue to influence labour markets and operating costs, shaping how businesses must adapt. Paul Thompson focused on funding realities. He underscored the importance of working capital management and restructuring, warning that asset-light companies are increasingly seeking drastic turnaround options. Without intervention, this could drive higher insolvency rates in the near term.

Funding in a Difficult Market

One of the strongest themes of the discussion was access to funding. Panelists agreed that mainstream banks are taking a cautious approach, often unwilling to step in until other financiers have absorbed much of the risk. Thompson noted that brokers and clients alike need to be realistic about what lenders will deliver, and to always have an exit strategy. Successful funding outcomes depend on preparation, transparency, and aligning the finance story with long-term strategic goals.

Supporting Business Owners: Beyond the Numbers

Murphy shed light on the human side of business, pointing out that many founders feel isolated under today’s pressures. He likened business leaders to high-performing athletes, needing a strong support network to perform at their best. By surrounding owners with accountants, advisors, and brokers who act as trusted partners, businesses can make better decisions and navigate crises with greater confidence.

Conclusion: Collaboration as the Key to Resilience

The panel concluded with a clear message: Victoria may present unique challenges, but it also offers rich opportunities for those who approach the market with strategy and collaboration. Brokers, advisors, and business owners who work together, sharing expertise and building robust networks — can turn pressure points into pathways for growth. The forum reinforced that adaptability, proactive management, and strong partnerships are the real markers of resilience. With these in place, Victorian businesses can not only weather uncertainty but position themselves to seize future opportunities. Watch the full recording to learn more. Interested in future seminars by Hermes Capital? Check out our upcoming events here.