Excellent economic fundamentals
With more than 45 per cent of Queensland’s population and an economy valued at $135 billion, Brisbane – Australia’s new world city – is an economic powerhouse and the tourism and business hub of Queensland. Brisbane’s economy is forecast to grow by more than 60 per cent to $217 billion by 2031 (Source: Brisbane City Council, Economic Development Plan 2012-2031).
Recognised as one of Australia’s major business and commercial hubs, corporate companies have been attracted to Brisbane’s consistently strong economic performance, highly skilled and creative workforce, and some of the world’s most advanced infrastructure.
Robust trading conditions
Despite weaker trading conditions experienced in 2013, Brisbane continues to be the fourth-best performing market in Australia, with healthy trading forecast in 2014 and beyond. Key indicators include: a 77 per cent average occupancy rate in 2013; 1.97 million room nights sold in 2013, representing an increase of 1.9 per cent since 2009; average daily rate increase of 8.1 per cent from 2009 to 2013 (or average annual growth of 2 per cent) to $183; and a revenue per available room increase of 10.3 per cent from 2009 to 2013 (or average annual growth of 2.5 per cent) to $142 (Source: Deloitte Access Economics, 2013).
With a strong vision for the future, the Brisbane City Council and Queensland Government’s long-term commitment to invest in critical infrastructure continues to transform the city’s landscape, with the ongoing delivery of new road, tunnel and rail links. Queensland's average infrastructure spend from 2000 to 2010 was 75% higher than the average of other states and territories combined at $1021 per capita (Source: Queensland Infrastructure Plan, 2011).
World-class international airport
Brisbane Airport, situated 12km from the CBD, is fast becoming a premier aviation hub in the Asia Pacific region. Brisbane Airport operates curfew-free and offers around-the-clock capacity. In 2013, Brisbane Airport Corporation began construction of a new parallel runway as part of a $1.3 billion infrastructure investment. The addition of the new runway will see Brisbane Airport operate on the same level of capacity as airports in Singapore and Hong Kong, and upon completion in 2020 it will become the most efficient runway system in Australia.
Brisbane is home to a number of established and emerging retail, entertainment, and dining precincts, with the Queensland Government and Brisbane City Council working to unlock land for private development including: development and release of a new city centre master plan which provides a clear vision for future investment and development; home to leading dining, entertainment, and retail precincts such as South Bank and Queen Street Mall; and strong commitment from government to develop new world-class precincts such as Queen’s Wharf, Howard Smith Wharves and Kurilpa Riverfront.
Private sector investment is strongly supported by state and local governments, with active support and facilitation for new investors, including: dedicated case managers for investors, developers, and operators looking for hotel opportunities in Brisbane; streamlined approvals by both levels of government for hotel projects; strong funding commitment in destination marketing to build demand from leisure and international visitors; funding secured to attract greater aviation capacity and new routes into Brisbane; and the lowest payroll taxes in Australia.
Business events industry
Brisbane has a track record of hosting large international conferences and has a strong calendar of future events. Brisbane is home to Australia’s most-awarded convention venue, the Brisbane Convention and Exhibition Centre. In 2013, Brisbane welcomed two world-class convention venues – the Royal International Convention Centre at the Brisbane Showgrounds, and the refurbished Brisbane City Hall. Through Brisbane Economic Development Agency’s Convention Bureau, there is a city-wide focus on growing the business events sector further. In November 2014, the city hosted the G20 Leaders Summit bringing 4000 delegates and 3000 domestic and international media to the city.
Brisbane attracts a range of world-class major events that drive leisure tourism to the city. Brisbane boasts the Galley of Modern Art, Australia’s largest gallery of modern and contemporary art, and the Queensland Art Gallery. Other major venues that host large local and international events include the Queensland Performing Arts Centre, Queensland Museum, State Library of Queensland, the Brisbane Powerhouse, and the Brisbane Entertainment Centre. The city has a range of stadiums that attract sporting fans from across the globe.