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Tourism could be the new mining boom for Australia, says casino boss Tourism could be the new mining boom for Australia, says casino boss
(34 minutes later)
Tourism could replace mining as the driver of the Australian economy as new attractions and a plunging dollar increase the country’s appeal for Asian visitors.Tourism could replace mining as the driver of the Australian economy as new attractions and a plunging dollar increase the country’s appeal for Asian visitors.
After his company won the bid to develop part of Brisbane’s waterfront into a huge casino and resort complex, Echo Entertainment boss Matt Bekier said on Tuesday that Australia could be seeing the beginning of a tourism boom.After his company won the bid to develop part of Brisbane’s waterfront into a huge casino and resort complex, Echo Entertainment boss Matt Bekier said on Tuesday that Australia could be seeing the beginning of a tourism boom.
“This is going to be the next mining boom,” the Echo chief executive said. “If we look in Asia in terms of the aspiration of where people want to go to, Australia stands out as No 1 in terms of aspiration and desire to go to. But we’re about number 14 of the places they actually go to, there’s a huge opportunity.”“This is going to be the next mining boom,” the Echo chief executive said. “If we look in Asia in terms of the aspiration of where people want to go to, Australia stands out as No 1 in terms of aspiration and desire to go to. But we’re about number 14 of the places they actually go to, there’s a huge opportunity.”
China is Australia’s fastest growing tourism market with 918,000 visitors in 2014 – a rise of 21.7% – and second only to New Zealand. Chinese visitors were, however, the biggest spenders in Australia, splurging $5.7bn in 2014, up 19% on the previous year.
The continuing fall in the Aussie dollar, which some experts believe could fall to around US60 cents, is likely to help Bekier’s prediction by making tourists’ money go further.The continuing fall in the Aussie dollar, which some experts believe could fall to around US60 cents, is likely to help Bekier’s prediction by making tourists’ money go further.
The US dollar strengthened again overnight on Monday after James Bullard, who sits on the US Federal Reserve’s rate-setting committee, said a rate rise was likely in September.The US dollar strengthened again overnight on Monday after James Bullard, who sits on the US Federal Reserve’s rate-setting committee, said a rate rise was likely in September.
Combined with the falling price of key commodities such as iron ore, gold and oil, his comments put more pressure on the Aussie which lost ground on Tuesday morning to sit at US73.69c.Combined with the falling price of key commodities such as iron ore, gold and oil, his comments put more pressure on the Aussie which lost ground on Tuesday morning to sit at US73.69c.
The minutes of the July meeting of the Reserve Bank of Australia also kept the downward momentum on the currency when they were published on Tuesday.The minutes of the July meeting of the Reserve Bank of Australia also kept the downward momentum on the currency when they were published on Tuesday.
The bank said the Aussie’s drop against the US dollar to six-year lows was not boosting the economy as expected.The bank said the Aussie’s drop against the US dollar to six-year lows was not boosting the economy as expected.
“Further depreciation seemed both likely and necessary,” the RBA said. However, it noted noted signs of continued improvement in the jobs market, and said inflation remains well contained.“Further depreciation seemed both likely and necessary,” the RBA said. However, it noted noted signs of continued improvement in the jobs market, and said inflation remains well contained.
Bekier said Echo would be moving its headquarters and 300 staff to Brisbane to oversee the new project.Bekier said Echo would be moving its headquarters and 300 staff to Brisbane to oversee the new project.
The waterfront precinct includes five hotels, three residential towers, 50 bars and restaurants, a grand ballroom, a cinema and new footbridge to across the river to South Bank.The Queensland premier, Annastacia Palaszczuk, said the project would attract millions of tourists annually.“The flow-on effects will be felt for decades to come,” she added.The waterfront precinct includes five hotels, three residential towers, 50 bars and restaurants, a grand ballroom, a cinema and new footbridge to across the river to South Bank.The Queensland premier, Annastacia Palaszczuk, said the project would attract millions of tourists annually.“The flow-on effects will be felt for decades to come,” she added.
The state’s development minister, Anthony Lynham, said he was unable to comment on the financial detail of the contract, however the government would publicly release the information later this year.The state’s development minister, Anthony Lynham, said he was unable to comment on the financial detail of the contract, however the government would publicly release the information later this year.
Construction on the Queen’s Wharf project is set to begin in 2017.Construction on the Queen’s Wharf project is set to begin in 2017.