ASF CONSORTIUM has today released further details on the economic impact and employment opportunities to be generated by its proposal for the Broadwater Marine Project.
This includes how the proposal will grow the “tourism pie” in Australia, drive the creation of new jobs for the local construction industry and deliver an economic game changer for the Gold Coast.
“We’ve kept a close eye on feedback during the community consultation process and questions around economic benefits and employment multipliers keep coming up,” said Allan Fife, Project Director for ASF Consortium.
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MacroPlan Dimasi, an Australian property advisory consultancy that assesses around 1,000 property projects per year, provided an initial economic impact statement for the ASF Consortium proposal.
“Based on our analysis, the proposal will provide an economic catalyst for the city. It will grow the tourism pie in Australia, not just shuffle around existing tourism visitation,” said Brian Haratsis, Chairman and Managing Director of MacroPlan Dimasi.
“It means a significant number of new tourists attracted to the Gold Coast, new business for existing tour operators and new jobs for the construction, tourism and related sectors.
“This project is anything but a threat to existing Gold Coast businesses. It’s designed as a worldclass tourism hub to attract hundreds of thousands of new overnight tourists to the region, with a big emphasis on new and not existing visitors.
“We’ve seen a dramatic increase in global and national competition moving in on the Gold Coast’s share of the tourism market.
“Sydney and Melbourne are now enjoying strong growth in Asian tourism, with new projects continually increasing visitor expectations such as Barangaroo, new convention centres in both cities and the expanded Crown Complex in Melbourne.
“Whilst the Gold Coast has the potential to capture growing tourism markets through its global brand, it has missed out on the boom so far.
“Through the market analysis and business case we’ve completed, ASF Consortium has the potential to deliver the game changer project needed by the city,” he said.
The ASF Consortium project will generate an estimated $14.6 billion economic benefit for the city, based on the creation and ongoing use of new facilities within the project.
“Around 60% or $8.9 billion will be generated through new tourism expenditure. This includes visitation to a proposed range of hotels, serviced apartments and entertainment facilities within the integrated tourism precinct, as well as to surrounding Gold Coast attractions,” said Brian Haratsis.
“Over $5 billion of expenditure will be directly generated through construction, with decades of residential and recreational building activity for local businesses.
“There’ll also be some taxation revenue provided to the State Government in the form of stamp duty, payroll taxes and fees,” he said.
An estimated 12,275 new jobs will be created through new businesses operating within the completed project.
MacroPlan Dimasi says the estimated breakdown of jobs includes:
• 40% – Integrated entertainment and leisure precinct proposed on Wave Break Island
• 25% – Hotels and serviced apartments on Wave Break Island and The Spit
• 15% – New Retail, restaurant and recreational services, including marinas
• Remaining jobs generated through servicing residential properties.
“In addition to these 12,275 jobs, there’ll be ongoing employment generated through infrastructure and building activity,” said Brian Haratsis.
“The project will generate 500 jobs a year to service building activity in the early phases, growing to 775 full-time jobs over an extended period of 15 plus years,” he said.
The direct impacts of new tourism on the Gold Coast will contribute to employment within the Broadwater Marine precinct, Gold Coast and Queensland more generally.
The areas where new tourism will add value to the economy include:
• Accommodation – hotel staff and management at onsite hotel units and serviced apartments
• Food and drink – chefs, bar workers and wait staff at restaurants
• Transport – taxi and limousine drivers, bus operators, petrol retailers and light rail use
• Shopping – local businesses including store assistants at a range of general and specialised retail shops such as fashion/clothing, jewellery, cosmetics, and craft/souvenir premises
• Entertainment – hospitality staff, tour guides, travel agents and adventure operators providing excursion activities within the Broadwater and local Gold Coast area.
ASF Consortium has presented its proposal at a range of stakeholder briefings over the past fortnight on the Gold Coast, attracting support from business leaders.
“The Gold Coast economy is stalled at the starting gates. Under-employment remains a major issue, with very few new full-time jobs being created,” said Gary Mays, Secretary of Gold Coast North Chamber of Commerce and Industry.
“The city needs to escape from the eighties when much of the tourism infrastructure was planned and constructed. A truly integrated tourism project is needed such as this one to propel the city into the twenty-first century with a complete tourism hub that uses the Broadwater, the Pacific Ocean and the Gold Coast to its maximum advantage,” he said.