Brisbane is set to benefit from a new business events “boom” over the coming years with the economic benefit from the sector predicted to contribute over $112 million, reports choosebrisbane.com.au.

Brisbane Lord Mayor Adrianne Schrinner said conferences, meetings and incentives locked in for the city are up year on year. 

“In the year to July, Brisbane Marketing and partners secured 91 business events worth $112.2m for Brisbane – a jump of almost 20% compared to a year ago,” Cr Schrinner said.

“That’s a lot of coffees, meals, hotel rooms, travel costs and entertainment dollars being spent right here and supporting local jobs.

“Brisbane is becoming an increasingly sought-after destination for major events and conferences, as more people recognise our world-class infrastructure, venues, accommodation, leisure offerings and leading industry sectors,” Cr Schrinner said.

These events are made up of over 47,600 attendees who will stay a combined total of 185,200 days. 

Keys events confirmed for 2020 include conferences of two bio-tech companies from China and the Flight Centre Global Gathering. Just these three events alone will generate around $17 million for the local economy with approximately 8,500 people attending. 

Tourism Industry Development Minister Kate Jones said securing big conferences such as the Flight Centre Global Gathering shows Brisbane is a world-class destination for global events in the multi-billion dollar world-wide industry. General tourism is also playing a huge part. 

“With six major hotel openings in the last 12 months and a raft of new dining, cultural and lifestyle experiences on offer, Brisbane’s tourism industry is growing rapidly,” she said.

We hear the regular commentary on the Queensland economy, but do we actually know how it is pieced together? Queensland Treasury have the facts!

INDUSTRY

Here are the 2017-2018 largest contributors to the economy.

1. Mining. Account for around 11.8% or $38.8 billion. The bauxite and coal reserves in Queensland are some of the largest and highest grade in the world, making them hot property around the globe. International exports of coal, LNG and minerals accounted for 60% of the goods Queensland sends around the world. 

2. Construction. The sector contributed $29 billion and was also the states 3^rd largest employer, with 234,000 workers employed in 2018. 

 3. Tourism. Throughout 2016-17 the sector contributed $11.7 billion. The Queensland tourist market is 2^nd in the nation, accounting for 23.1% of tourism nationally, and employing 137,500 people in 2016-2017.

The combination of the financial and professional services accounted for $42 billion with an employment base of 236,000 people in 2018. These sectors have good growth driven by demand across a variety of industries. 

The Health sector is the largest employer in the state, with 345,800 workers in 2018. This sector has grown considerably by 67% over the past 10 years and has been the major economic contributor to the state. As the population ages, jobs in these fields are only going to continue to grow. 

POPULATION

Population growth in our state is the third fastest in the nation, with the Australian Bureau of Statistics (ABS) indicating the state as a whole is growing at 1.7 per cent, and Brisbane is one of the fastest growing capital cities, growing by 48,000 people in 2017 reaching a total of 2.4 million. Back in May this year, the state hit the 5 million people mark. 

The forecast for the economy in 2018-2019 is a 3% rise, after a previous rise of 3.4% in 2017-2018. 

The buzz around the future of the Brisbane property market this week has been huge, with the latest BIS Oxford Economics' Residential Property Prospects 2019-2022 report predicting the median house price in Brisbane will rise by 20 per cent in the next three years, reports abc.net.au.

With regards to predicted growth around the nation, Brisbane is sitting pretty as the leader in the report, followed by Canberra and Adelaide at 10 per cent, and Melbourne, Perth and Darwin at 7 per cent.  

Brisbane’s affordability, coupled with easing credit conditions and record low interest rates could be the perfect storm for price growth.  

The median house price in Brisbane is predicted to rise from $552,000 to $665,000 by 2022. 

Earlier in the month, Herron Todd White released their July monthly location report,  stating that the Brisbane property market has been attracting buyers from other capital cities with the view of getting better value for money.  

The current interest rates are a huge factor in the property market at the moment. Many are predicting the Reserve Bank of Australia (RBA) will go even further from the 1% level we are currently at. The minutes from the latest RBA meeting show they are concerned about the soft jobs market.

“The (RBA) board would continue to monitor developments in the labour market closely and adjust monetary policy if needed to support sustainable growth in the economy and the achievement of the inflation target over time,” the minutes said.

Hannah Schuhmann is again echoing her thoughts that those waiting to ‘time’ the market need to get moving as they may miss the boat! Brisbane CBD apartments are excellent value for money;  Two bed, two bathroom units with a parking space and river views start from just $539,000 in our current market. 

The delivery of the $5.4 billion Cross River Rail project has now been guaranteed as a key building contract has been signed, reports brisbanedevelopment.com.au.

The government will now commence making funds available to the selected ‘Pulse’ consortium as part of the PPP (public private partnership) agreement. 

The demolishment of the Roma Street Transit Centre will start later this year, with the construction phase to commence in 2020. 

Deputy Premier Jackie Trad said the project is the largest south-east Queensland has had in decades.  

“By 2036, the south-east corner alone will be home to nearly five million people which makes the need for turn up and go public transport essential,” she said.

“South East Queensland is one of Australia’s fastest growing regions, and we need to build infrastructure now that helps us keep pace with that growth.

“Our public transport network is nearing capacity, constrained by a single rail river crossing with all lines running through the same four city centre stations.

“Cross River Rail will unlock this bottleneck creating new capacity for the whole region as it grows, ensuring high-capacity train stations where they are needed most.”          

Brisbanetimes.com.au reports that the Queensland Government will not be vying for federal funding for the multi-billion dollar project a second time (after being denied the first time), and will be funding the project solely from the state coffers. However, Ms Trad has left the door open for federal funds, if they were to become available in the future. 

So far, more than $500 million has been spent to purchase properties and compensation for business owners for the pending project. 

The Cross River Rail project will include a 10.2km railway from Dutton Park to Bowen Hills, including 5.9km of tunnels running under the CBD and Brisbane River and four underground stations. 

The project is expected to be operational in 2024, and will create 7,700 jobs throughout the construction phase. 

Once the Cross River Rail project is up and running it is expected that 36,000 passengers daily will use the Roma Street busway, up from the current figure of 19,000 per day.

The Pulse Consortium is comprised of CIMIC Group companies, Pacific Partnerships, CPB Contractors, and UGL with international partners DIF, BAM, and Ghella Investments & Partnerships.

Hannah Schuhmann said the investment the state government is making in transport is vital, as the city will need the infrastructure to support the predicted 30% increase in visitation by 2020, plus, the south-east corner alone is expected to have a population of 5 million people by 2036. 

We are well on our way to being a World City!

Adding to the growing number of infrastructure projects in progress around the city, the $300 million Brisbane Airport Auto Mall will be the only precinct of its kind in the country with “next to no” noise restrictions, offering 24/7 operation. 

The 51.3 hectare site will be home to car dealerships, a 2.3km performance track designed by Mark Skaife, wet/dry skid pad, driver training facilities, and 4WD track. Along with the automotive facilities and businesses, the precinct will also have conference and exhibition facilities, commercial offices, hotel and dining. 

Brisbane Airport Property says the development will create over 300 jobs, deliver a tourist destination like no other, and shake up the entire automotive industry. 

“This exciting new development is expected to revolutionise the way people buy, experience, appreciate and interact with vehicles.”

The site already has interest from two key automotive tenants, AP Eager and Sci-Fleet and the wide range of brands they represent.

ASX-listed Car dealer, AP Eagers CEO, Martin Ward told GoAutoNews Premium the new hub is going to be a very attractive location for dealers, and the company has taken up a lease to showcase 12 of their brands. 

“Effectively, with the way retailing is going to change over the next 50 years, that hub can serve probably the whole of Brisbane,” said Mr Ward. 

Business News Australia is reporting that AP Eagers has recently sold their car dealership property at 99 Breakfast Creek Road for $61 million in anticipation for the “strategic move to the world class Auto Mall planned for Brisbane Airport,” said Mr Ward. 

Stage 1 of the development is scheduled to be operational by 2021.