The simple investment of $22m to upgrade the New Farm/Teneriffe sewer line in 1991 has enabled the creation of 8400 jobs and renewal of these once decaying, depopulated riverside areas into one of Brisbane’s most sought after suburbs.
It’s proof a relatively small infrastructure investment can have exponential economic results, says QUT property economist Dr Lyndall Bryant, who prepared a case study on the area for a Property Council report on the legacy of the Federal Government’s Better Cities Program of the early 90s.
“Ridding the area of the capacity constraint of a 100-year old sewerage system opened the way for private sector investment in renewal of the wool-stores, river bank and the transformation of the Valley,” Dr Bryant said.
Dr Bryant said the total investment by government back in 1991 for the five-year Better Cities Program’s inner-north Brisbane urban renewal project was $88.6 million.
“It was made up of $31m was from the Federal Government and the rest from the State Government and Brisbane City Council.
“The largest expenditure was the sewer line, and in the 25 years since, removing this capacity constraint has led to the private sector investing more than $5.31 billion in the area, far exceeding what was then thought an audacious investment target of $4 billion.
“After 25 years, the Better Cities investment has attracted 27,148 residents who are characterised as having low unemployment and higher than average annual incomes. It has brought 11,600 new residential approvals, 447,000m2 commercial space and 300,000m2 retail space.”
Dr Bryant said the true success of any public investment program was its ability to create an environment that invites ongoing, market-led investment.
“The New Farm Teneriffe renewal program is a striking example of how relatively modest, strategic public investment can be catalytic in attracting investment and unlocking the potential of Australia’s cities.”
Media contact: Niki Widdowson, QUT Media, 07 3138 2999 or n.widdowson@qut.edu.au
After hours: 0407 585 901 or media@qut.edu.au
