Queensland tourism accelerates infrastructure spending
Announcement posted by Expotrade 20 Oct 2015
20th October 2015, Brisbane: Queensland’s tourism industry contributes approximately $23 billion towards the local economy each year; a precursor for the steady rise in construction spending witnessed over the past 24 months, following a five year downturn at the climax of the GFC.
The recently approved $2 billion Queen’s Wharf Brisbane waterfront development on the banks of Brisbane CBD desires to transform the state’s capital into a premier entertainment hotspot, featuring world-class tourism, leisure and gaming facilities.
Committing $10 billion in the 2015 state budget towards infrastructure, the Queensland government is engaging in a variety of different projects to boost the development of significant state infrastructure.
This includes the most recent expansion to the state’s transport infrastructure network, with stage two of the $1.6 billion Gold Coast Light Rail. The project aims to connect Surfers Paradise to Brisbane by the time of the 2018 Gold Coast Commonwealth Games.
The 21st Commonwealth Games is expected to generate $2 billion in economic benefits, hosted across 18 competition venues located in Brisbane, the Gold Coast, Cairns and Townsville, with upgrades to a further eight venues across the state.
This includes the construction of the $640 million Games Village complex, as well as the building of a new integrated Townsville Stadium and Entertainment Precinct which is expected to cost $315 million.
Strong developments have taken place within residential, commercial and tourism sectors, including a $600 million proposal to redevelop Lindeman Island resort situated on the Whitsundays islands located off the Queensland coast.
First established in 1992, the project aims to create 335 suites and villas across five resort precincts, including the construction of shops, restaurants and bars, as well as an upgrade to the island’s existing private airstrip to provide all weather-access for aircraft and allow small jet landings.
The government has also approved for the development of a $1 billion three-tower luxury high-rise development in Surfers Paradise, to provide 500 new apartments, 171 hotel rooms, as well as dozens of luxury retail precincts along the strip; one of many quintessential developments taking place within the state.
Industry leaders from infrastructure and construction sectors will be attending the Queensland Infrastructure Major Projects conference in December, to discuss infrastructure options and trends currently taking place within the state.
Key industry specialists will be presenting on topics surrounding these recent development proposals. Tim Poole, Local Project Director from the ASF Consortium, will be providing an overview of the five-hectare Gold Coast Integrated Resort Development.
With a proposed location between Sea World and the Gold Coast Fisherman’s Co-operative, the development aims to create a world-class entertainment, gaming, retail and hotel precinct and provide unprecedented opportunity for international tourism.
Other major developments currently taking place within Queensland include the Abbot Point Growth Gateway project, the Sunshine Coast Public University Hospital, the Bowen to Gladstone Pipeline as well as a variety of significant projects ranging from oil to public sector developments.
In addition, the Queensland Government has committed $9 billion towards the investment of education in the 2015 budget, including key capital works and infrastructure projects from the education sector.
The Queensland Infrastructure Projects conference 2015 is being held at the Brisbane Convention & Exhibition Centre on the 1st & 2nd of December.
Source: Expotrade Global News