July Vote To Confirm Olympics
Brisbane has moved one step closer to becoming the third Australian city to host the summer Olympic Games, facing a “date with destiny” on July 21.
The executive board of the International Olympic Committee this week proposed the Queensland capital as the host of the 2032 Games, with the choice to be put to a vote next month.
In February Brisbane was chosen as the preferred host and the board’s proposal now goes to the IOC session, which will take place before the Tokyo Olympics next month.
“We have seen many months of hard work and co-operation between three levels of government to get Brisbane 2032 before the IOC Members who make the ultimate decision next month,” says Australian Olympic Committee President John Coates.
If negotiations conclude successfully, Brisbane will become the third Australian city to host the Games after Melbourne in 1956 and Sydney in 2000.
Gold Coast Boosted By Budget
The Gold Coast’s economy is “roaring back to life”, with hundreds of millions to be spent on the light rail, new train stations, the Coomera Connector and Pacific Motorway exit upgrades, State Budget papers reveal.
Treasurer Cameron Dick this week announced the recovery from Covid-19 was better than predicted 12 months ago with net debt in 2020-21 reduced by $9.7 billion and the State budget expected to return to surplus by 2024-25. The economic recovery is being steered by a $52 billion infrastructure spend, much of it on roads and rail.
The key outcomes for the Coast include a $1.3bil infrastructure plan, estimated to support a record 3,900 jobs. This includes $1bil for light rail stage three from Broadbeach to Burleigh, enabling construction before Christmas.
There’s also $115 million to begin work on the Coomera Connector’s first stage between Nerang and Coomera, and $120 million for new railway stations at Pimpama, Helensvale North and Worongary-Merrimac.
Quote of the Week
“We are still seeing falling vacancies everywhere, from the Mornington Peninsula to the Gold Coast, right through to inland areas like the Murray Regions of NSW and South Australia to outback Northern Territory and Darwin, which is boosting rents as tenants compete for rental homes.”
Louis Christopher of SQM Research
Crunch Time For Unit Supply
A new report finds that Australia is facing a severe apartment undersupply and by 2024 unit construction levels will be just 20% of 2018 levels.
Property Council has called for government intervention to boost investment after releasing analysis from Urbis which claims Australia’s largest apartment markets are facing a structural shortage. It says the reduction in building activity will see the loss of 30,000 construction jobs in Sydney, Melbourne, Brisbane and Perth.
The report highlights that prior to the pandemic a range of new taxes and regulations across Australia had directly impacted on apartment supply. The Property Council is calling for state government efforts to reduce international investor surcharges, stimulate unit construction and improve planning.
Without government action to boost apartment supply, there will be significant apartment price and rent increases across the major cities, the council says.
