DEVELOPERS and UDIA members were today left hanging when State Treasurer Andrew Fraser pulled a last minute no show at the Institute’s state conference on the Gold Coast.
Disgruntled planners, developers and realtors were left perplexed as two economists and a business banker did their best to answer the tough questions on Queensland’s infrastructure and planning future.
A comedy diversion was created when Access Economics director Chris Richardson, got a spark from the floor when asked about bank stability and whether a recessionary repeat was likely in Australia.
“The top four banks won’t fall over, they’re boring bastards, they will live,” said Richardson, who happened to be sitting alongside Queensland business banking manager for the NAB Julian Pearce (pictured).
“While there are some toxic assets held by the European banks and the US commercial property sector will have its problems, Australia will do well, because China is doing well.”
But Richardson encouraged a cautious outlook give the accelerated and ‘unsustainable growth’ in the region.
“The China rebound has been magnificent, maybe a little too magnificent. Credit is easy to come by in China, but those loans can go bad,” he says.
Executive director BDO Kendalls Mark Gray, brought issues facing members back into focus regarding infrastructure and deregulation.
“The role of our government is large in our economy and I doubt that state and local governments will ever relinquish power in development and planning,” says Gray.
Richardson was less conservative: “I’m not impressed with the performance of local or state governments here, but thank heavens you’re not in NSW.”
One industry doyen was heard to say: “I would have liked to hear the Treasurer’s views”, at which point his colleague chimed, “well there lays the problem, you never hear from the Treasurer on these issues. It’s very disappointing."
Get our daily business news
Sign up to our free email news updates.