GC can be ‘golden’ again to visitors, investors post-C19

THOSE hurting from the coronavirus should understand the Gold Coast has a great history of working out of incredible busts for business – in 1975, 1982, and 1990.

Since the global financial crisis in 2008, many will agree we’ve been stuck in second gear. Perversely, the extraordinary governance shown in the management of the virus, plus the clear-out of unfair, uninformed, or worse conduct in financial institutions, should stimulate an energised return to active private sector entrepreneurship. It was first seen after 1975 when innovative risk management technology created lifestyle development opportunities attracted a new era of residents, and also quickly got receivers out of a dead stop.

My own firm grew from 12 in 1974 to 95 in 1980 by this risk management applied to planning land development. After the crash of 1982, projects stopped and domestic tourism was a disaster.

Planning mega-resort concepts became a key part in the city breaking into the international tourism market, by keeping our 100 talented people for a recovery we believed would come from somewhere; soon enough from Japan, Hong Kong and Singapore from 2005.

Imagine 1983, with interest rates at 22 per cent and many in business going to Swiss francs at 7 per cent just before the Government floated the dollar from $1.16 US to 50c.

Our debt was doubled and putting the house on the market was the thing to do. There was no way out. But my partners agreed that

“they can’t shoot you or put you in gaol if you go broke” and staff were still walking around, scared and hungry.

Desperation brought inspiration. We scrambled for cash to do what we learned in the US for Helensvale, to put plans in the bottom drawer for those megaresorts made ready to go, that facilitated massive foreign investment and international tourists in mass.

I learned in a short time that in this city things are never as bad as they seem. For tourism in the city today, it’s worth remembering that in the later 1970s and early 1980s, the $1.16 US currency rate took Australians overseas in mass. Domestic tourism collapsed.

Today while the virus has stopped foreign arrivals, it has also stopped Australian departures.

With 24 million Aussies locked up for an uncertain time, many are willing to trade a lot for a week on a beach.

Our own “skin in the game” in my family’s own project for 170 apartments at Nerang can be a fast-tracked investment for design of the works to begin construction in late 2021.

Planned for a new era of baby boomers (5.57 million from age 48 to 67 in 2014), downsizing for 10 to 15 years of active and healthy living before aged care.

Gold Coast projects will have serious pull factors immediately after the virus. People who can will come here out of Europe and the US in droves as soon as possible – the “Lucky Country” again. GEOFF BURCHILL, NERANG