More than $1.5 billion delivered to Sunshine Coast
Apart from all the tax talk around this time of year, the months of May and June also bring with them another season: Budget season. This is the time when all the state governments release their views on the economy and where they're going to put their money.
Economic growth is always one topic that state governments place a focus on during budget season. And fortunately, Queensland's government is no different.
In its 2014-15 budget, the state government announced it will aim to pay down $25 billion of the $80 billion debt that has accumulated, and fund infrastructure across Queensland. Funding allocation for other industry areas in the state will also go hand in hand with growing the "four pillar economy", Premier Campbell Newman said.
What's happening in the Sunshine Coast
The state budget outlined a large capital spend of $1.5 billion for the Sunshine Coast. Much of this will be injected into local infrastructure projects, providing Queensland rental property owners with many benefits.
Out of this $1.5 billion, the Sunshine Coast Public University Hospital will get $370 million. This is one major project that's happening in the Sunshine Coast, which will not only bring more workers to the region, but also provide essential health services to the area, too. Construction on this project is already underway, and it's expected to be completed in 2016. Further expansion for the hospital is also on the cards, with the facility providing over 900 beds by the year 2021 if it becomes necessary.
A further $768 million will be provided for the Bruce Highway Upgrade, which won't just benefit Sunshine Coast residents and investors, but the whole state. There will also be significant upgrades for the rail passenger line between Kippa-Ring and Petrie to the tune of approximately $374 million.
Finally, local government recovery and reconstruction projects will see more than $11 million delivered to them by the state and federal governments.
It's projects such as these that won't just improve the liveability of the Sunshine Coast, but will make the region that much more attractive to investors and workers.
A growing area
No doubt you've heard some talk of the Sunshine Coast in recent times. And with good reason, too.
Job growth has been a hot topic on the coast, making it a hotspot for keen workers to relocate. In fact, earlier this year, Queensland Treasurer Tim Nicholls noted that the coast has become the state's "employment powerhouse". This was after the Sunshine Coast saw more job growth in a one-year period than any other part of the state.
Over the 12 months to February, employment numbers grew by over eight times more than the state average – an impressive result for this growing region.
With the 2014-15 budget released and changes on the way, the next few months will no doubt be an exciting time for investment property owners in Queensland.