221st Monthly Edition May 2024 - Queensland’s Cruising Comeback Reaches Extraordinary Milestone

Good morning Fellow Members,

Do I need to say more Queensland’s cruising industry is flourishing, marking an extraordinary milestone as it continues to grow in the Sunshine State. On Saturday, the arrival of P&O’s Pacific Encounter brought the 1.5 millionth passenger to the Brisbane International Cruise Terminal since its opening less than two years ago.

This milestone translates to about 2,000 passengers per day since the terminal officially opened on June 2, 2022. Considering that some days have no arrivals or departures, this is an impressive achievement for a facility that was inactive during the pandemic.

With the 300th cruise ship set to visit the port in two weeks, the terminal has already contributed an estimated $300 million to the Brisbane economy.

Port of Brisbane CEO Neil Stephens hailed it as a remarkable achievement in the terminal's short history. “To have more than 1.5 million passenger movements through our world-class terminal speaks to just how significant the cruise tourism industry is to Brisbane and South East Queensland,” he said.

“In Brisbane alone, we have over 160 cruise calls from 16 cruise lines scheduled for the full 2023-24 season. Many of these ships will also call at other Queensland ports, creating opportunities for regional communities. Each vessel visit brings a mini economic boom, contributing almost $1 million to the Queensland economy.”

As discussions continue about the viability and demand for a second berth at the terminal, work is already underway to expand the existing onsite parking by 340 bays.

Mr. Stephens highlighted the facility's economic impact. “The BICT is supporting many jobs, with around 130 staff working from across our partners for every vessel call, making it a seamless experience. This includes ground staff, baggage handlers, stevedores, retail and café assistants, cleaners, security staff, and our own Port of Brisbane team,” he said.

“These fantastic achievements for the BICT wouldn’t be possible without our cruise industry partners and, of course, Queensland’s cruising community who are enthusiastically starting their cruise holidays from Brisbane.”

Carnival Australia, the terminal’s most frequent visitor, remains committed to Brisbane. Senior Vice President Peter Little expressed their long-term commitment, saying, “We look forward to welcoming more Queenslanders on board our ships, with P&O’s Pacific Encounter based at the Brisbane terminal all year, and CCL’s Carnival Luminosa returning for her third summer homeporting season in November.”

Friends Emily Schmalz and Joel Lehmann from Germany, who arrived in Brisbane on Saturday morning from their 12-day P&O cruise, shared their positive experience. Ms. Schmalz, experiencing her first cruise, said, “I loved it.”

The continued success of the Brisbane International Cruise Terminal reflects the growing popularity of cruise tourism in Queensland, providing significant economic benefits and creating numerous job opportunities.

Let's get the party started :)

Good morning Fellow members 

On 24 May 2024, the Stage 2 Rental Reform Laws were passed by the Queensland Parliament. These laws will be implemented in two stages on dates to be advised.

Many changes will impact how we manage tenancy applications, break leases, bond refunds, and entry into tenanted properties.

The most significant change is that the 12-month rent increase limit, imposed last year, will now apply to the property rather than the tenancy. This means that even if a tenant moves out, the rent cannot be increased unless a full 12 months has passed since the last rent increase.

Our industry, led by the Real Estate Institute of Queensland (REIQ), raised serious concerns about this and many other reforms in our submissions to the government. While we managed to enact changes to some reforms before they became law, many issues remain that we believe may have unintended consequences for both lessors and tenants.

Over the next few weeks, our entire team will attend in-depth training conducted by the REIQ to equip us with the right knowledge and strategies to assist our lessor clients in maximizing their investment properties.

We will also be expanding on key elements of these changes in future editions of the Investor Update so you can stay fully informed of all the details.

Until next time, stay Healthy, Wealthy & Wise!