Some of Australia’s leading business experts have highlighted the Sunshine Coast’s need to create an “appealing and competitive environment” for investors, amid trying times.
Government representatives and economic gurus provided insights into the challenging investment climate, at the Sunshine Coast Business Council’s Outlook for Business Investment conference at the Maroochy RSL.
Speakers included Business Council of Australia chief economist Stephen Walters, macroeconomist and partner at Deloitte Access Economics Stephen Smith, Shadow Treasurer and Shadow Minister for Investment and Trade David Janetzki, property economist and Innovociti director Malcolm Aikman, and Sunshine Coast Council group executive – economic and community development Greg Laverty.
SCBC chair Sandy Zubrinich said the conference drew attention to the extended slowdown in investment around the country, and emphasised what could be done on the Sunshine Coast to create an “appealing and competitive environment” for business growth.
“There is much to be concerned about when one considers that Australia’s global competitive ranking has slipped from the fourth to 19th in the past two decades and, closer to home, Queensland is sitting at joint fourth in CommSec’s State of the States economic performance report released last month,” she said.
“Our speakers highlighted that, nationally, investment as a percentage of GDP is sitting at extremely low levels, similar to the recession of the 1990s, while capital is flowing out of Australia rather than in – a phenomenon last seen a century ago.
“So, what does this mean for the Sunshine Coast?
Do you have an opinion to share? Submit a Letter to the Editor at Sunshine Coast News via news@sunshinecoastnews.com.au. You must include your name and suburb.
“Across the board, our highly qualified panel reiterated that operating in such an extremely competitive investment environment means the onus is firmly on our region to create an appealing, competitive environment for those looking to invest their funds in the future: one that welcomes them with open arms and offers both certainty and support.
“While our strong population growth will inevitably see continued growth in the local economy, it creates pressure on housing and infrastructure and cannot be relied on indefinitely.
“Improved productivity must remain a priority if we are to be a sustainable, strong economy in the long-term capable of attracting major investment.
“The challenge around the lack of housing for our workforce, delays in the planning process and minimal long-term commitment to infrastructure generated robust discussion between members of the business community, including local investors and representatives from both local and state government in the final panel discussion.”
She said the conference provided a platform for “necessary and sometimes challenging discussions”.
“Our region has benefitted from solid business investment over the past decade, with significant projects such as the Sunshine Coast Airport, master-planned residential and mixed-use developments, and the new Maroochydore City Centre,” she said.
“However, the forward investment pipeline appears to have slowed, a trend the SCBC board has been actively bringing to attention for some time.”
Mr Smith, a partner at Deloitte Access Economics, shared his insights into investment trends.
“In times of economic uncertainty, regional economies can often feel the brunt of a slowdown in business investment,” he said.
“But the growth of the Sunshine Coast region makes continually attracting public and private investment all the more important.
“Investment plays a critical role in spurring economic growth, boosting productivity and strengthening regional economic resilience.”
Ms Zubrinich called on those who attended to consider the lessons learned from the speakers and to place greater emphasis on collaboration between business and government to drive economic growth in the coming decade.
“At a time when regions across Australia and beyond are competing so fiercely to attract investment, we need the mechanisms in place to be considered favourably, and that has to be an all-of-region approach,” she said.
“By creating a welcoming environment for investors, we can unlock the full potential of our region, create new jobs and deliver the infrastructure and housing we so desperately need.”
Help keep independent and fair Sunshine Coast news coming by subscribing to our FREE daily news feed. All it requires is your name and email at the bottom of this article.
