Property Council ACT & Capital Region Executive Director Ashlee Berry said the completion of the first stage of the funding agreement between the Territory and the Commonwealth was an important step toward delivering a modern convention and events facility for the national capital.
"Canberra has outgrown its existing convention centre. A larger, modern facility will allow the city to attract more major conferences, exhibitions and entertainment events that currently bypass the capital," Ms Berry said.
"The economic impact of business events is significant. Visitors stay longer, spend more across hotels, restaurants and local businesses, and help support jobs across the city."
Ms Berry said the Property Council welcomed the partnership between the ACT and Commonwealth governments, including support through the National Capital Investment Framework.
"Joint investment from the Territory and the Commonwealth is exactly what a city-shaping project like this requires. It shows both levels of government recognise the importance of strengthening Canberra's visitor economy and diversifying the Territory's economic base."
The Property Council also backed the ACT Government's decision to explore a range of delivery models as part of the business case process, including a potential public-private partnership.
"Major civic infrastructure projects work best when governments keep an open mind about delivery models. Testing options such as a PPP can help bring private sector expertise and investment to the table while delivering value for taxpayers."
Ms Berry said the new centre would play a key role in shaping a broader innovation and events precinct emerging in the south-east of the CBD.
"Alongside the new UNSW Canberra City Campus, this project has the potential to transform this part of the city centre into a vibrant destination for education, events and culture."
"With the first milestone now complete, it is important the project continues to move forward with momentum so Canberra can realise the economic and community benefits of a new convention and entertainment precinct."
The growing role of tourism and hotels in Canberra's economy will be the focus of the Property Council's ACT Hotels and Tourism Outlook at East Hotel in Kingston on 1 April. Visit the website for more details.
