The second Star tower helps drive further confidence in QLD economy

The Star Entertainment Group has broken ground on the second tower at its $2 billion masterplanned site at Broadbeach on the Gold Coast. The new 63-storey tower will sit on the south east corner of Broadbeach Island, with negotiations under way for management of the hotel.

Queensland Premier Annastacia Palaszczuk said confidence was high in the Queensland construction economy.

The Star Entertainment Group chief executive Matt Bekier said the company had big plans for Queensland, and this project would create 1800 construction jobs.

“We aim to be Australia’s leading integrated resort company and we’re developing properties on the Gold Coast and Brisbane that will be compelling must-see destinations for locals, interstate and international visitors,” Bekier said.

Premier Annastacia Palaszczuk said construction projects were vital to the economic growth and labour market of Queensland.

“To have construction starting on multi-million-dollar developments like this just proves that business confidence on the Coast is strong. This is only possible thanks to the way Queenslanders have responded to the coronavirus pandemic,” Palaszczuk said.

This confidence in the Queensland economy is supported by NAB’s consumer anxiety report for the 2020 fourth quarter which showed Queenslanders were the least stressed about the state of the economy. Australians were notably less anxious about the domestic economy in most states, led by Queensland at 59 points out of 100.

Anxiety was highest in New South Wales and the Australian Capital Territory at 57.9, in part likely reflecting the Sydney Covid outbreak in December, and lowest in Queensland at 52.9.

At the end of January the consumer sentiment index had a rise of 1.9 per cent, close to its 10-year-high, according to Westpac economist Bill Evans.

“It’s really important that we have that recovery in consumer sentiment because a big challenge for the Australian economy will come in the March quarter when the JobKeeper package withdrawal by the government,” Evans said.

But Evans said the consumer sentiment index indicated the economy was in good shape to manage the drag of the loss of JobKeeper.

Environment Minister and Member for Gaven Meaghan Scanlon said the project was a shot in the arm for the construction industry and tourism on the booming Gold Coast.

“Our tourism and construction industries are cornerstones of the local economy here on the Coast,” Scanlon said.

Written: 26 February 2021

We would love to hear your thoughts on this project.

Have you visited this project recently, or perhaps you live nearby or bought in a neighbouring building? Tell us what you love about this project, or perhaps what you don't.

Inline Feedbacks
View all comments