The Gold Coast Central Chamber of Commerce is very supportive of the Commonwealth Games. However, as forecast, across the Gold Coast there have been some big winners and some others who are being left disappointed.
This has been the case at previous Olympic Games and Commonwealth Games. Based on previous Games, including London and Glasgow, some businesses will not perform as well as they might hope. This is because regular customers may want to avoid the crowds, people are being warned against travelling on the roads or because a percentage of residents have left the city during the games.
It is important to remember that the Commonwealth Games has already significantly boosted the economy on the Gold Coast for several years now. This is reflected by the low unemployment rate, strong levels of business confidence and strong property price growth. This has been fuelled by the construction of the infrastructure needed for the Games.
The exposure and the legacy of the Games will benefit the city for years to come.
During the Games themselves, the impact of the Games on the Gold Coast will be patchy. However, on the whole we had expected the Games to provide an economic boost. For retailers and the hospitality industry, this is yet to be evidenced.
1. We believe those businesses in the key tourism strips along the beach, particularly the hospitality industry are not doing as well as expected.
2. Retailers at local shopping centres aredoing reasonably well while smaller retailers near transport hubs being used for the Games are doing well.
3. From the Chamber's point of view, we are emphasising that the Gold Coast is well and truly open for business. And we are encouraging locals and visitors alike to make sure they time to celebrate the Games.
Can the Gold Coast avoid a post Games hangover? The biggest challenge associated with hosting the Games is what happens afterwards.A lot of time and effort has been spent by the State Government, GOLDOC and the Council examining the legacy that the Games will leave. There is no doubt the Gold Coast will benefit from the infrastructure that has been built but whether the economic momentum can be maintained is yet to be determined. The Chamber's view (best guess) is that the local economy will continue to grow after the Games but not at the same rate.
Gold Coast Central Chamber of Commerce
PO Box 3918, Robina Town Centre,
Gold Coast 4230
07 5578 7184