Although the event may feel like it’s light years away, the construction sector is already hard at work to get the River City ready for the Brisbane Olympics.
Although the entire nation is struggling with a smaller than average talent pool of workers, Australia is in the midst of its biggest tradie shortage in decades. In fact, the worker shortage is at the worst level since the industry records started, with the most acute scarcities considered to be bricklayers, carpenters and roofers.
Despite this, Queensland’s ferocious appetite for tradies is only getting bigger thanks to the recent announcement of the 2032 Brisbane Olympics. While rising interest rates means that there is a light at the end of the tunnel for a sector grappling with inflation, skills shortages and supply chain issues, getting the River City ready to take the world stage means that Queensland’s construction boom is here to stay.
The Impact Of The 2032 Brisbane Olympics On Construction
While the Brisbane Olympics bid relied on the premise that over 80% of the venues required to host the international sporting event were already existing infrastructure, a 2019 feasibility study suggested that over $900 million dollars would be required from both state and federal funding in order to host the games here in the Sunshine State.
Meanwhile, the true cost of hosting the Brisbane Olympics has turned out to be much higher. In order to get the job done, both the State and Federal Governments are about to go on a $1.8 billion dollar spending spree, with the aim of the game being to ensure that any infrastructure and transport upgrades ultimately benefit the community for decades to come.
Although still eleven years away, detractors have already started to grumble as to how we could possibly afford such an expense given the current times that the world is experiencing. However, there’s no denying that the forecasted $8 billion dollar boost to our local economy could leave lasting impacts that benefit us all, with the construction sector in particular set to reap the rewards in the immediate future.
The Brisbane Olympics is set to be the first games that focus on a region as opposed to a city. Although Brisbane is home to the majority of venues with 21 so far named, the Gold Coast will have 7, the Sunshine Coast will have 4, with preliminary trials, matches and games also set to be held in Cairns, Townsville and Toowoomba. As such, almost half of the state of Queensland is set to benefit from the influx of visitors and not just Brisbane itself.
While a number of new venues need to be constructed across the state, many also need to be refurbished, with the largest budget outlay going to The Gabba as a means to expand its capacity and be equipped to host the opening and closing ceremonies.
In addition, major international sporting events on the scale of the Brisbane Olympics also means that host cities need to pour funds into their public transport systems in order to avoid significant road congestion. Considering that Brisbane already has traffic listed as one of the key issues linked to a growing population, it should come as no surprise that tackling transport issues is one of the key areas covered by the recently announced $1.8 billion dollar funding package, known as the SEQ City Deal.
While the SEQ City Deal was designed to leave a lasting impact on Brisbane’s transport system in conjunction with lifting our capacity to handle an influx of visitors, key highlights in the funding include $450 million for the Gabba Brisbane Metro Station as a means to deliver enhanced transport connections, $285 million for the SEQ Liveability Fund to deliver projects of social and economic priority for the councils and $150 million for the SEQ Innovation Economy Fund to support capital projects that promote and grow the region’s innovation economy.
In addition, a further $105 million for resource recovery infrastructure to develop a region-wide approach to managing waste and progress the region to a circular economy, and $70 million for digital connectivity projects to support place based telecommunications infrastructure and improved digital connectivity. What this extensive funding means for the construction sector is that it’s not just going to be the building of the precincts that will be in demand, but almost every trade will see their skills soar in demand.
Ultimately, it’s important to remember that while the bill for the Brisbane Olympics is a big one, the event has all but forced long overdue critical infrastructure investment needed to meet the demands of our growing population. In addition, it’s not just current members of the construction sector that are set to benefit from this, but any Queenslanders who are weighing up whether to pursue a career in construction as well.
Partnering With The Commercial Construction Experts
Whether you’re considering a residential or commercial facelift, it’s always important to speak to a professional before you start tearing down a wall or two. In operation for over ten years, Brisbane based Kibo Constructions believe that quality, reliable workmanship with an honest approach shouldn’t be the exception to the rule.
With a wealth of experience in commercial and office fitouts already under our belts, our in house joinery provides access to having your very own custom home furniture and features such as tables, desks, shelves and drawers to fit any space or design requirements necessary. Fundamentally, we ensure that the entire process is both a transparent and enjoyable experience from start to finish.
If you know that there’s an upcoming project for you, your brand or your business, we would love the opportunity to provide a quote – you might be pleasantly surprised at the result. As we specialise in commercial, hospitality and residential fit out options in Brisbane and the Gold Coast, please get in touch to discuss how we can bring your vision to life.