🎄GC Commercial Markets Down 39% | Australia Declines Supports For Allies | Netflix Big Data Released | TikTok Requires Users To Waive Rights | Bonza Bounces Back and more!
🎄GC Commercial Markets Down 39% | Australia Declines Supports For Allies | Netflix Big Data Released | TikTok Requires Users To Waive Rights | Bonza Bounces Back and more!
Today’s newsletter is words: minute read.
🎄 Tis the season for the second last Thursday of 2023, December 21, and just four sleeps until Christmas.
Dear GC Minute community,
With the festive season on our doorstep, we briefly reflect on a year that flew by before we all enjoy a couple of well-earned long weekends.
It's hard to believe that it has almost been 12 months since we started bringing you the GC Minute.
In this pursuit, we saw a need in the city as many appeared not to be getting news the way they needed it. We thought we could use our skills to create what we felt was a digital evolution of the local newspaper, delivered directly to your inbox (without spamming daily), without paywalls and as another way to get local news for Australia's sixth-largest city, which technically only had one local news brand (they who must not be named, but you all know..).
It's incredible to see the community building together, evidenced by the thousands of subscribers and the tens of thousands of monthly reads we now see many people enjoy. Your engagement and feedback have driven our continued commitment to what we are trying to build.
As we embrace the holiday spirit, we want to express our deepest gratitude to you. Your support, feedback (and, of course, sharing of The GC Minute) have not only fuelled our mission but have also been the source of our encouragement.
We feel we’ve found product-market fit, and we'll be back bigger and better than ever in 2024 💪
From the GC Minute crew, we wish you a Merry Christmas.
Thank you again for being a part of our journey, and now for this week’s edition..
Check it out: Here’s a mildly creepy, customisable AI Santa Claus to kick off the silly season 🎅
In today’s email
The Coast’s Commercial Property Conundrum: A significant year-on-year decline
Australia Lets Allies Down: Officially declining a request for support today
Bonza Bounces Back To The GC: Round 2 for the budget airline confirmed
Trending: CASA OK’s Bonza
Around The Web (Snippets): Tallebudgera Creek reopened, TikTok requires users to waive their rights, record-breaking tourist numbers visit, better mobile coverage for GC City fringes, Netflix #1 watched show in 2023 and more!
Councillor’s Corner PLUS Councillor Candidates for 2024
Upcoming Events
GC Christmas Weekend Weather and Surf
Live Gold Coast Housing Price Index
1. One Big Thing: Economic Squeeze Tightens Gold Coast Commercial Market
What’s Happening
The Gold Coast’s commercial transactions have plunged by 39% in 2023 amidst rising costs and shifting economic currents.
Why It Matters
This downturn signals a cautious stance from investors and impacts a city that is now contributing 10.6% of the state’s gross state product (GSP) to Queensland's economy.
By the Numbers
A 39% fall in transactions totals to $648 million in sales from the 2022 year.
The Gross Regional Product of the GC economy is about $41b as of 2022
Industrial sales dominate, accounting for 50% of the total value.
Retail transactions have nosedived by 92%.
Local Impact
This decline reflects an apparent land shortage, tightened budgets and a strategic holding pattern among investors, affecting the flow of high-quality stock.
What The People Say
"Yields and capital values are rising," says Daniel Coburn of Colliers, but the industrial land is scarce.
Steven King of Colliers notes that reduced transactions aren't due to a downturn but to asset retention amid positive local sentiment.
What To Look For Next
Expect a commercial market comeback tied to the cessation of interest rate hikes, with the industrial sector leading the charge for recovery.
Gold Coast Commercial Contraction
2023 saw the Gold Coast's commercial vibrancy dim, marred by economic pressures.
Yet, the market's resilience is hinted at in the industrial sector's performance and the expected return of investor confidence as interest rate stability looms.
With the potential for rebound, the city's commercial pulse is poised for revitalisation.
2. Australia Rejects Appeal By Allies For Support To Help Protect Red Sea Trade
What’s Happening
Despite rumblings over the last few days, just a few hours ago, Australia officially declined the multinational request led by the US to send a single warship to the Red Sea to help support an allied convoy amid heightened tensions.
Why Was Help Needed?
The Iran-aligned Houthis have ramped up drone and missile attacks on vessels in crucial shipping lanes
Yemen’s Houthi rebels forced at least a dozen shipping lines to suspend operations in recent weeks in the region, causing chaos to global supply chains, with Ikea already facing significant delays as a result.
Why It Matters
This decision marks a significant shift in Australia's strategic priorities, underscoring its focus on regional commitments over global alliances.
By the Numbers
A coalition of 10 nations, including the UK and France, is mobilised.
Australia instead will send five navy personnel to Bahrain and six navy personnel to help on a US-led task force
In the weekend just gone alone, 15 drones were downed in the Red Sea by US and UK navies that were attacking trade vessels
Local Impact
Australia's stance could reshape perceptions of its global alliance commitments and reliability, highlighting a regional versus global approach to defence.
Who’s Showing Up?
Bahrain
Canada
France
Italy
Netherlands
Norway
Seychelles
Spain
United Kingdom
United States of America
Who’s Not Showing Up
Australia
What The People Say
Richard Marles advocates for “regional focus.”
“This government is an embarrassment and is a blight on our international reputation”, according to commentary at Defence Connect
Opposition spokesman for foreign affairs Simon Birmingham agreed “Australia’s strategic priorities lie in the Indo-Pacific, though he also confirmed said the Suez Canal security was also integral”
What To Look For Next
Monitor Australia's diplomatic moves in the Red Sea crisis and potential shifts in international alliance strategies.
A Strategic Or Short-sighted Shift Down Under
While Marles’ regional focus is important, the regional focus commentary comes across as quite short-sighted at such a time.
Australia's refusal to deploy a ship to the multinational Red Sea effort, opting for a diplomatic approach, raises serious questions about its commitment to global alliances.
Once a loyal deputy in the alliance of free and open democratic nations, focusing on the Indo-Pacific recalibration of Australia's ‘go-it-alone’ defence strategy potentially impacts its future international engagements.
3. A Purple Patch for Aussie Skies
What’s Happening
Bonza’s fleet got a double boost with two new Boeing 737 MAX 8s, cleared by CASA to wing from the Gold Coast.
Why It Matters
This growth isn’t mere expansion; it’s pivotal for affordable journeys on lesser-known routes, promising a more robust network.
By the Numbers
Both Flair B737-8s are now at Gold Coast Coolangatta Airport after the second aircraft, C-FLHI (MSN 61804), ferried in on December 15.
14 fresh destinations from the Gold Coast are now on the Bonza map.
A celebratory 30% off on festive flights has been announced
Local Impact
The Gold Coast's economy is set for takeoff with Bonza’s push, marking it a key travel hub.
Forward Thrust
With a regulatory thumbs-up, watch Bonza’s subsequent attempt to see if this one gets off the ground.
What The People Say
CASA confirmed the approvals on December 19, 2023, after Bonza demonstrated how it would safely integrate the Canadian-registered aircraft and its crew members into its operation, "The Flair flights will be conducted under Bonza's air operator's certificate," a CASA spokesperson said.
What To Look For Next
If they can pull it off, Bonza will redefine Aussie air travel with competitive fares and untapped routes.
Expect the Gold Coast to buzz with travellers and Bonza painting purple skies.
4. Trending
CASA says Bonza’s back..
5. Around The Web (Snippets)
Tallebudgera Creek Reopened: Following a sewage spill, from Schuster Park to Tallebudgera Creek Beach
The Night Agent, a political thriller, was the most-watched: Show on Netflix globally in the first half of 2023, with 812 million hours, in the first-ever comprehensive data deep dive released by the company
Gold Coast To Get Better Mobile Coverage: With a share in $20 million in Commonwealth investment to help communities on the fringes of major urban centres in bushfire-prone areas
Startups could get skilled visas approved: In just seven days in an attempt to make the country look for attractive to IT professionals
Amazon satellites to use lasers: To talk to each other when out of ground system range
City Council Opening Hours: For the Christmas and New Year festive season have been released
TikTok now requires users to: Forever waive their right to sue over past harms
It’s been a record-breaking year for tourist visits: On the Gold Coast, 12.4 million domestic overnight visitors and day-trippers that here in the 12 months to September
6. Councillors’ Corner
Div 4 | Biggera Waters, Coombabah, Sovereign Island, South Straddie +3 I Cr Shelley Curtis
Div 11 | Burleigh Waters, Robina, Varsity Lakes, Cr Hermann Vorster
Councillor CANDIDATES’ Corner
Introducing Div 11 For 2024 Local Elections | Dan Doran
7. Upcoming Events
🛝 Sparky Do Dah Park Games: December 21 from 9am-12pm, free outdoor event for all ages, at the Damian Leeding Park
🎅 Christmas at Cavill: December 23, get into the Christmas spirit and enjoy some free family entertainment on Cavill Lane
⬇️ House Down Under Australia: December 23, Australia’s first and favourite inverted house photo experience, Ground Floor at the Purple Car Park
🫧 Bubble Play: December 23, in Broadwater Parklands, is unique, mind blowing bubble magic extravaganza
🎨 Paradise Point Art and Craft Markets: December 24, spend Christmas eve at Gold Coast’s longest-running art and craft market, Esplanade North Park
🎄Christmas Day: December 25
🎤 Mallrat (with Hope D, Buttered & more): December 26, Boxing Day show with the dreamy Queen of Australian pop at Miami Marketta
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