The latest release from the Queensland government has detailed plans to save up to $425million every year through new measures to cut red tape and create a more hospitable investment environment for people across the region. Now could be a great time to consider purchasing commercial real estate in Surfers Paradise, especially with the potential for economic growth over the coming months.
Treasurer Tim Nicholls said the government was well on the way to getting rid of 20 per cent of the red tape currently tied up throughout the state, which have been holding up the growth of businesses and industry development. With these barriers to expansion being removed, the possibility of a new avenue for investment could become apparent across the Sunshine State.
"We said we would make it easier to do business in Queensland by reducing unnecessary regulation and we're delivering on that promise," said Mr Nicholls in a 5 November statement, with assistant minister for regulatory reform Lisa France outlining that regulatory compliance costs need to drop by $569million to achieve the sought after 20 per cent goal.
"We have more than 500 red tape reduction initiatives underway delivering total savings of around $425million. For example, recently we announced businesses with a payroll tax liability of less than $20,000 will now only need to lodge returns twice a year, instead of every month," said Ms France.
"This simple change will save business a total of around 40,000 hours of time spent on paperwork and around $2million in administration costs."
Some of the other initiatives and changes being introduced into the region include the overhauling and streamlining of the project approvals process, which will help to save businesses $30million per year.
Furthermore, getting rid of the need for car registration stickers aims to save $44million, while repealing waste levy will work to save $88million per year in fees. These are just some of the changes that will help Queensland cut costs and create a hospitable investment environment.
The Gold Coast has also continued to see growth, with the racing industry being reinvigorated following new infrastructure at the region's Turf Club. This aims to create and secure hundreds of new jobs and help the area further develop.
Premier Campbell Newman said the first step was to create a new grandstand lounge, bar and restaurant facilities, along with new corporate boxes for people to enjoy.
"The second phase, which is scheduled to begin next year, will mainly see improvements to the racing and training surfaces, which will significantly improve the quality of racing in the region," said Mr Newman, stating that the latest Melbourne Cup Day offered some insight into the continued popularity of racing in the region.
Racing minister Steve Dickson also pointed out the redevelopment's position in the wider Gold Coast community. He went on to say that racing provides employment to over 30,000 Queenslanders, so it's position in the wider state economy cannot be overstated.
"Thanks to this great deal, stakes on the Gold Coast are rising by 23 per cent. That money will help secure the future of thousands of Gold Coast families who rely on racing," said Mr Dickson in a 4 November statement.
Changes like this to the wider community are essential to helping boost the economic growth of the Gold Coast and can offer some insight into the best investment moves to make in the future.
Now could be a great time to consider taking out a loan to purchase commercial property in the Surfers Paradise area, in order to begin building an investment portfolio in a strengthening Queensland economy.