FOCUS ON JOBS AND ECONOMY TO FUTUREPROOF THE COAST
TODAY, I received the news that our city’s unemployment rate for August was 1.5 per cent.
Remarkably, this rate is 1.8 per cent lower than the state average, and 2 per cent lower than the national average. In 2012 when I was first elected Mayor, it was 5.5 per cent.
I applaud every employer for their role in creating a jobsmecca for our city – from Yatala to Coolangatta, Helensvale and Jacobs Well.
In the same period (20122022), our population has increased from around 530,000 to over 630,000, representing tens of thousands of new jobs right across the board.
Since 2012, I have focused on broadening our economy. Fellow councillors have backed my vision and we are today seeing the fruits of that labour.
‘Broadening our economy’ is not just a catchphrase, it is the driver behind every fiscal decision made by this council. More jobs, in more industries, means more opportunities for every Gold Coaster.
We have matched the past decade with 10 successive low rates budgets.
I’m pleased to say that every rate increase by council since 2012 has been capped at, or below, CPI.
Prior to 2012, the then council was voting in rate increases of eight, nine or even 10 per cent annually – completely unsustainable, especially when you consider that the rate increases were compounding each year.
Keeping rates low is one thing but broadening the economy has seen our city’s Gross Regional Product (GRP) rise from $30 billion annually, to $40 billion today – a near 30 per cent increase.
We have seen incredible growth in industries such as film, marine, manufacturing, tertiary education, sport, the arts, health and knowledge and transport logistics.
Our Yatala enterprise area to the north is packed with local, national and multinational companies.
Last month, we welcomed Australia’s largest glass recycling operation to that area – a $500 million investment with over 1200 jobs via construction and ongoing operations.
Setting a priority to broaden our economy has had many flow-on effects: less family members leaving the city to pursue their careers elsewhere; a stack more tax revenue for the State Government; more cash in the pockets of locals to spend locally; and an uplift to the city’s national – and international – reputation as a serious global lifestyle city.
In the sports economy field alone, last year we generated $787 million in GRP from hosting major sports events, training camps, conferences and forums.
Manufacturing is now worth $7.1 billion annual to the city’s GRP and tourism is rapidly recovering from Covid and today, generates around $2.7 billion in annual revenue.
At the end of this month, the Gold Coast Bulletin will host the 2022 Futures Forum, at Sea World – another major employer for the coast.
The Futures Forum reflects on where we have come but more importantly, lays out a
trajectory to where the city is heading – both economically and socially.
As Mayor, I know we have a lot of heavy lifting to do to
continue to expand our GRP and at the same time, manage the continued population growth from intrastate and interstate migrants.
My prediction is we will see a resurgence in investment from the United Kingdom, via the Uk-australia Free Trade Agreement (FTA) as well as significant state and federal investment in our city as the 2032 Olympics and Paralympics approach.
Despite not being invited to sit on the Brisbane Organising Committee Board to plan for 2032, I remain optimistic our city will receive its fair share of Games-legacy investment.
I was pleased to recently ‘dial-in’ to the board meeting and offer some learned advice given our 2018 Commonwealth Games experiences.
Former Australian Olympic Committee president John Coates (below) publicly welcomed my input, on behalf of the city. My overriding message to board members was: avoid any debt trap by not over investing in facilities.
I know ratepayers (and taxpayers) do not want a debt burden from any Gameshosting experience.
On that note, when we hosted the Commonwealth Games in 2018, we ensured the venues redesigned – or built – would be of benefit to all residents going forward.
Importantly, we kept a lid on debt from day one.
That’s why today, our former Games venues run at around 90 per cent capacity for most of the year; our city’s debt is actually $100 million less today than it was in 2018; and we are enjoying postGames legacy benefits through our city being recognised as one of the best destinations to train, and compete, across dozens of global sports.
I encourage Gold Coasters with an interest in our city’s future to get involved in the Bulletin Futures Forum.
I applaud every employer for their role in creating a jobs-mecca for our city – from Yatala to Coolangatta