Government’s actions are not matching its pro-investment rhetoric 

The Property Council is baffled by the Queensland Government’s decision to terminate the proposed Gold Coast Integrated Resort Development, after a lengthy four-stage procurement process. 

“Not only has the Government quashed this major job-generating project, at the same time, it has committed to impose significant constraints on the height of future developments on The Spit, before consultation on a master plan – that they have committed to – has been completed to determine if such height limits will achieve the best overall outcome for The Spit, and more broadly, for the Coast,” says Chris Mountford, Queensland Executive Director, Property Council of Australia. 

“The Government often espouses the importance of creating jobs and building a stronger economy through attracting new investment into the State. At the top of this agenda has been promoting the significance of tourism to the Queensland economy, and the need to invest further in new tourism infrastructure,” Mr Mountford says. 

“On numerous occasions since the Government decided to proceed with the IRD project in August 2015, it has publicly proclaimed the potential benefits of this project to the Gold Coast and the state.” 

“About-turning on the IRD project- two years after affirming their commitment to it- sends a confusing message to potential investors in Queensland, at a time when their investment is most needed.” 

“This is not the Government’s only backflip on investment attraction. We have also seen the Government introduce a foreign investment tax on residential property in the 2016-17 budget – a year after explicitly ruling it out.” 

“While the Government is talking a big game about attracting investment into the state to generate jobs, these decisions are in stark contrast to the rhetoric.” 

“Locking-in a three-level height limit on The Spit – instead of completing a master plan to shape an overall outcome – also restricts the future potential of the Gold Coast to attract a new wave of investment and job-creation.”

“The Property Council has welcomed the Government’s commitment to deliver a master-plan for The Spit, a long-held Property Council position, but the master plan is now compromised by a commitment to maintain three levels, which will ultimately restrict the ability of the private sector to invest in much-needed private and public infrastructure in the area.”