Palaszczuk delays hammer development confidence
Development confidence has plunged to new lows since the Palaszczuk government was elected as it admits its infrastructure plan could still be a year away.
The Property Council of Australia has urged the Palaszczuk government to give the industry certainty around Queensland’s proposed casino development projects.
This is despite the Queensland government “fast-tracking” assessment of bids for the $1 billion-plus Brisbane casino in an effort to make a final decision before the July budget. Negotiations are continuing with Echo Entertainment and James Packer’s Crown and final bids are expected by the end of May. A preferred bidder is expected to be put to cabinet the following month or early July. Optimistically an announcement could be made before the Palaszczuk government’s first budget on July 14.
The recently released ANZ/Property Council survey showed a sharp decline in confidence in Queensland following the election. Chamber of Commerce and Industry Queensland is also reporting a drop in business confidence.
Last week state treasurer Curtis Pitt paved the way to fast-track Mr Fung’s $8.15 billion Aquis mega-resort in Cairns by inviting him to start negotiating a casino agreement.
The federal trade minister Andrew Robb says the Aquis casino resort in Cairns must be accelerated “by whatever means”.
The Aquis developers are seeking to bypass the state government’s integrated resort development process to secure a gaming licence and want to start construction next year. Mr Robb said they cleared approvals in the ACT and the same should happen in Queensland. He said the Canberra region was already starting to benefit since developer Tony Fung secured a gaming licence in the ACT.
Meanwhile the ASF Consortium has started redrawing its $6.5 billion Gold Coast cruise terminal project amid confusion over the parameters to be set by the new Queensland government.
ASF’s local project director Tim Poole said a revision of plans for a Gold Coast cruise ship terminal, casino and residential development could be adjusted based on community feedback and the Labour government’s commitments not to develop certain areas. But the company required certainty before overhauling the entire project.
The government has yet to indicate how it intends to proceed with the bid, leaving projects undecided. During the summer election campaign, Annastacia Palaszczuk said a Labour government did not want to see development of the northern Gold Coast’s Wavebreak Island, but this has yet to be finalised with ASF.
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