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<a href="https://www.smartcompany.com.au/growth/31355-why-jb-hi-fi-keeps-defying-analysts-predictions" target="_blank">JB Hi-Fi</a> has defied a tough retail environment to post a strong <a href="https://www.jbhifi.com.au/documents/news/99_2014-01-28_10-10-41.pdf" target="_blank">half-year trading update</a> confirming that December half net profit is expected to rise 10%.
The discount electrical retailer’s chief executive, Terry Smart, released the trading update “in view of recent announcements from other retail companies”.
This appears to be a reference to profit downgrades from retailers such as The Reject Shop and Super Retail earlier this month.
But in contrast to The Reject Shop and Super Retail, JB Hi-Fi’s net profit rose 10% to $90.3 million in the six months ended December 31, compared with $82.1 million in the year-earlier period.
Total sales were up 6.8% to $1.94 billion and earnings before interest and tax rose 7.5% to $132.9 million and EBIT margins improved four basis points to 6.8 per cent and gross margins by 11 basis points to 21.6%.
Same-store sales were up 2.8% in the six months ending December.
Che Cabris, senior commercial director at research company Global Reviews, toldSmartCompany JB Hi-Fi's success in a competitive market can be attributed to consumers belief that the retailer is price competitive and trustworthy, which also results in customer loyalty.
Research published by Global Reviews last week shows JB Hi-Fi is the preferred brand of Australian consumers looking for an online store to purchase a 46-55” television through.
The study followed the journey consumers took between search and the retail brands, including who they knew of, which brands they visited, shortlisted and finally would prefer to buy from.
JB Hi-Fi was initially recalled by 66% of those who could recall a brand, it was then visited by 49% of study respondents and shortlisted by 68%.
The retailer had a 33% preference rate with 52% of those who preferred JB Hi-Fi doing so because they’d used the retailer before and an equal amount said it was because JB Hi-Fi had the best prices.
“This is not to say that other retailers are not price competitive or trustworthy, but as JB Hi-Fi was the top preferred site these were the main reasons for people selecting them and what people recognise them for,” Cabris says.
Harvey Norman was recalled by 63%, visited by 46% and shortlisted by 55% while The Good Guys were on 42% recall, 43% visits and 60% shortlisted.
JB Hi-Fi will release its full half year results on February 3, so the retailer is unable to provide any comment until then.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany.</a>
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JB Hi-Fi defies rough retail environment, posting 10% profit increase

<html><body><div class="article-fulltext">Australians spent $2.738 billion in online sales between March to September last year, according to <a href="https://www.abs.gov.au/ausstats/abs@.nsf/Latestproducts/8501.0Main%20Features2Nov%202013?opendocument&amp;tabname=Summary&amp;prodno=8501.0&amp;issue=Nov%202013&amp;num=&amp;view=" rel="nofollow">figures released today</a> by the Australian Bureau of Statistics.
The ABS retail trade data has for the first time included a separate category for online sales in a time series from March 2013 to September 2013.
The data shows the proportion of total retail turnover, which was derived from online retail sales has varied from 1.7% to 1.9% between March and September 2013.
ABS statistician Paul Slater told SmartCompany the new information provided a measure of what proportion of domestic retail sales is derived from online retail trade.
“It will help measure the response of Australian retailers to the online opportunity,” Slater says.
The statistics are intended to assist in the development of microeconomic policy and follow on from data released last year which found 1.8% of retail turnover in May 2013 was derived from online retail sales and of that percentage, 40% was from pure play online retailers.
But the figures do not include international retailers’ online sales in Australia.
“The existing publication is designed to measure sales by Australian resident businesses so sales by overseas retailers would be out of scope,” Slater says.
He says there are “no plans at the moment” to incorporate international sales into the figures, an omission which the Australian Retailers Association has highlighted.
Russell Zimmerman, head of the Australian Retailers Association, told SmartCompany he welcomes the additional information but “it would be lovely” to get figures on international sales as well.
“The real assistance is going to come once we get some real comparatives going and can see how online is trading year on year, that will assist retailers who may be sitting on the fence and deciding whether to get into the online space,” Zimmerman says.
The ABS release follows the publication yesterday of <a href="https://www.smartcompany.com.au/growth/economy/35067-aldi-criticised-for-racist-t-shirts-online-sales-increase-in-november-construction-index-steady-in-december-midday-roundup" rel="nofollow">National Australia Bank’s online retail sales index</a> which recorded total online retail spending for the 12 months to November of $14.6 billion.
“The improved growth trend for online retail sales reflects almost uniform improvement in conditions at category level. In year-on-year terms, the rate of growth was up to 10.7% – faster than that observed in some recent results,” NAB said in a statement. 
 
 
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 This article first appeared on <a href="https://www.smartcompany.com.au/" rel="nofollow">SmartCompany</a>.
 
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ABS online sales data released for the first time: reveals spending of $2.738 billion

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The property management arm of ASX-listed Ariadne has been fined by the Brisbane Magistrates Court for <a href="https://www.smartcompany.com.au/superannuation/056124-former-company-director-charged-with-fraud-for-dishonestly-inducing-smsf-investors" target="_blank">defrauding landlords</a>, after finding the property and investment group guilty of 231 counts of dishonestly converting trust money for its own use.
The court found StayMint, which trades as Mint Hotels, wrongfully converted $141,466 of money – that should have gone to landlords – into its own trust account.
The landlords owned apartments in a Broadbeach complex, Carmel by the Sea.
David Stevens, chairman of the Carmel by the Sea body corporate committee, said problems began when Mint tendered for management rights and tried to take over the rentals by offering a "lease back" where the landlords got a fixed amount from the property manager to let their unit at prices "far in excess" of anything offered before.
"The guests would arrive and they would put them into other owners' units which were not on their list of lease backs," Stevens says.
Mint then leased the units regardless of whether they were being rented, ensuring the apartment owners who signed up had a constant income stream.
But the landlords then discovered people had stayed in their apartment, but the stay was not recorded in the monthly statement to the owner, and the rent not paid.
<a rel="nofollow" href="https://www.brw.com.au/p/business/gold_coast_based_ariadne_subsidiary_YIkg0rfpDJIBiuGZVBfK8K" target="_blank">According to BRW</a>, the irregular financial records were discovered after the Office of Fair Trading commenced an investigation and raided Mint's office, seizing a hard drive and trust account records.
The court found Mint booked tenants into rooms in Carmel by the Sea and then, after the guest had checked out, changed the records to indicate the guest had stayed in a leaseback unit.
Ariadne chief executive Murray Boyte said Ariadne executives did not have any knowledge the scam was taking place.
"This was a flagrant breach of our policies by an employee. They were acting outside of our authority," he says.
Boyte says the Office of Fair Trading investigation confirmed Ariadne's directors were unaware of the employee's actions, which went undetected by the regular and mandatory independent audits of the trust account records.
"The directors were shocked to learn of the employee's conduct," Boyte says.
"As soon as they were made aware of the allegations, they ordered a thorough internal investigation into the matter to determine the extent of the employee's unlawful activities."
Boyte says Ariadne has cooperated fully with the Office of Fair Trading and worked to ensure owners were compensated for the misallocation of funds.
Ariadne's co-operation with the OFT and its unblemished record were taken into account by the court in imposing a fine of $50,000 after Ariadne repaid $75,000 of the misappropriated money owed to 34 affected unit owners.
But David Stevens, chairman of the Carmel by the Sea body corporate committee, says the fine is disappointing as the maximum penalty available was in excess of $3 million.
"[Ariadne] has pleaded guilty to the charges as a company but nobody has been charged as an individual," he says.
"But as the magistrate said, Ariadne will pay a very heavy price in public opinion."
Stevens says the result is a victory for the landlords but the penalty could have and should have been more.
"Ariadne is a big company with deep pockets and they have given us six years of hell," he says.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Property manager StayMint fined for defrauding landlords

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Australia's big four banks have been ranked the most profitable in the developed world for the third straight year, but all that money hasn’t improved their offerings to small business.
The Swiss-based Bank for International Settlements published figures today showing the pre-tax profits of the big four banks – the Commonwealth Bank, Westpac, ANZ and NAB were equal to 1.18% of their total assets.
This puts Australian banks well ahead of those in the other developed countries on the list such as Canada, the US and Britain, with only lenders in the emerging economies of Brazil, Russia, India and China making better returns.
The Bank for International Settlement’s figures also show Australian banks have lower costs than most of their peers and enjoy wider interest margins – a measure of profitability from lending.
So what are the banks doing with all that profit?
Not lending to small business, that’s for sure.
The big four claim they are eager to lend to SMEs, but <a target="_blank" href="https://www.smartcompany.com.au/financial-services-and-insurance/055527-half-of-small-business-loan-applications-knocked-back">just under half of all credit applications made by small and medium businesses in the past ye</a>ar were not granted.
In fact, the banks have been milking small business, with bank fees for businesses <a target="_blank" href="https://www.smartcompany.com.au/financial-services-and-insurance/056145-rba-banking-data-sparks-anger-among-small-businesses-as-it-reveals-bank-fees-have-soared-in-the-past-three-years">jumping 23.9% over the past three years</a> despite fees for consumers falling.
They also failed to pass on the RBA’s interest rate cuts in full to business.
There’s a distinct lack of competition in Australia’s banking sector which small business is paying the price for.
We need an alternative.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Australian banks still most profitable in developed world but still turning down many SME loan applications

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Australia is the second best place in the world to be a female entrepreneur, with only the United States ranking higher in the first ever index of female entrepreneurship.
The Gender-GEDI Female Entrepreneurship Index launched by Dell at its <a href="https://www.smartcompany.com.au/leadership/055908-why-isn-t-my-business-growing-anymore-bedriye-hulya-dwen-benecaid-b-fit-blurb-marla-schwartz-bedriye-hulya-donna-boyle-steve-felice-dell">Women’s Entrepreneur Network Conference in Turkey</a> ranks Australia second out of 17 countries.
The index found there was no single determinant to entrepreneurial success, with the best performing countries demonstrating success across wide variety of categories.
Being strong in key areas such as legal rights, education and access to finance did not automatically result in high-potential female entrepreneurship.
In some countries, the business environment for success was right, but female entrepreneurship is still low.
This is often due to social and cultural norms that make it less conducive for women to become entrepreneurs, like in Japan, where only 9% of managers are female, leaving many women without the experience and skills to start their own businesses.
The index ranked Australia among the highest in financial literacy, which was a prerequisite for an effective entrepreneurial culture.
High levels of education and a belief that women are as good as men when it comes to executive roles also assisted Australia to its second place position.
The index highlighted technology is an essential component for fostering high-potential female entrepreneurship.
“Technology has also made it cheaper than ever to start a business and removes many of the social and physical barriers women must overcome to start their own businesses and connect with the resources they need,” the index found.
“Entrepreneurs need scalable technology solutions that enable them to accelerate the growth of their business to succeed.”
But with an index score of 70 out of 100 there is still room for improvement in Australia.
“Unleashing the power of female entrepreneurship can have a dramatic effect on a country’s economy,” Karen Quintos, senior vice president at Dell, said in a statement.
“Increased access to knowledge, networks, capital and technology are critical if countries are to empower female entrepreneurship and create a culture of success.”
The index found access to finance is crucial for female entrepreneurship, with few women having bank accounts in low performing countries like Egypt and Uganda.
However, even in countries like the US and Australia where almost 100% of women have access to a bank account, venture capital funding is still low.
Springboard Australia's chair, Wendy Simpson, is attending the conference in Turkey and said the US and Australia are both trying to educate the female component of the investment community to skill women investors. "We are just starting now to create a mindset in Australia, it is not just about the infrastructure you also need the mindset of women entrepreneurs."
But Emma Isaacs, chief executive of the female business group Business Chicks, says she is not surprised at Australia's high ranking in the index.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/06/entrepreneurjune6one.gif"><img src="/images/stories/2013/06/entrepreneurjune6onethumb.gif"></a>
“While we're not hitting all milestones and there's certainly still ground to be covered, Australia can provide an excellent environment for female entrepreneurs,” she says.
“The saying ‘You can't be what you can't see’ rings true, and more and more we're seeing higher visibility of Australian female entrepreneurs being featured in the media, providing learning and inspiration for the up and coming.”
Isaacs says Australian women are starting small businesses at twice the rate of men, which is encouraging, as are the index results.
“Now we just need to work out how to have women grow their businesses as substantially as their male counterparts."
Top ten ranking countries:
1.            USA
2.            Australia
3.            Germany
4.            France
5.            Mexico
6.            UK
7.            South Africa
8.            China
9.            Malaysia
10.          Russia
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Australia ranks second in female entrepreneurship index

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TripAdvisor's reliability has been <a href="https://www.smartcompany.com.au/business-travel/052880-advertising-standards-authority-calls-out-tripadvisor-and-skytrax-for-fake-user-reviews-2" target="_blank">called into question again</a> after Accor's general manager of communications in Sydney admitted to anonymously posting more than 100 hotel reviews on TripAdvisor.
Peter Hook published glowing reviews about the hotels owned by his employer, Accor and Sofitel, and critical reviews about the hotel group's rivals.
"As a first time visitor to Phnom Penh I didn't know much about the hotel scene so booked a brand I knew well. It turned out to be a good choice," Hook wrote about the Sofitel in Phnom Penh.
In contrast, in a 2010 review Hook criticised rival the Intercontinental Hotel in Adelaide as "the ideal location but stuck in a time warp and rather expensive".
The communications manager was sprung by <a href="https://www.smartcompany.com.au/advertising-and-marketing/027174-online-reputation-6-steps-to-manage-a-crisis-5" target="_blank">online reputation management </a>firm Kwikchex after TripAdvisor introduced a Facebook app.
On TripAdvisor, Hook was known only as "Tavare" as the review site only identifies users by their username.
But the app displays a name, photograph and location taken from each user's Facebook account and Hook was revealed as the true author of "Tavare".
Hook has been stood down from his role at Accor and the hotel group said Hook's actions were a breach of its social media policy.
"We do regret this individual initiative from one of our employees did not comply with the Accor charter," Simon McGrath, the chief operating officer of Accor said in a statement.
"We reaffirm our wish to increase our watchfulness on this point."
McGrath said Accor was working closely with TripAdvisor to take "whatever action is necessary" to ensure the credibility and transparency of online travel reviews and forums.
Angus Struthers, global communications director at TripAdvisor, said all of Hook's reviews have been removed pending investigation.
"It would clearly be inappropriate for a senior executive of a hotel company to review hotels within their own company," he said.
TripAdvisor claims its reviews are screened by "world-class" tools for fraud.
Hook defended his reviews to London's Telegraph newspaper saying they were his personal observations.
"Every review I have written has resulted from personally experiencing the product," he said.
"However, it is fair to say that my professional position should have been mentioned in any review of the hotels."
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Accor Hotels manager caught posting fake TripAdvisor reviews

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Administrators have been appointed to cleaning giant Swan Services after the business suffered losses from a number of unprofitable contracts.
Anthony Elkerton and David Young of Pitcher Partners were appointed as administrators to Swan Services this week along with Cleaners QLD, Cleaners SA, Cleaners ACT, Superior Cleaners WA, Cleaners New South Wales and Cleaners Vic.
All of the companies have ceased to trade and the employment of the 2379 cleaners employed by the companies has been terminated unless otherwise advised.
Swan Services employs 2466 people nationally and was run by founder and owner Robert Swan for a period of 43 years.
It had 901 staff in NSW, 578 in Victoria, 583 in Queensland, 64 in the ACT, 156 in South Australia and 184 in Western Australia.
Swan Services’ directors say the company had a turnover of $92 million in the last financial year.
But Elkerton said despite its strong cashflow, Swan Services was affected by both short- and long-term issues.
“We are instructed that the company did have a number of unprofitable contracts and had moved to renegotiate to make them more profitable and was reasonably successful in doing so, these would not take effect until the new financial year,” he says.
Elkerton says Sawn Services had a “major IT disruption” in February which affected its cashflow and over the last week rumours of the company’s financial position were in the marketplace.
These rumours were compounded by slow payment to debtors to the extent that Swan Services was unable to make its payroll run on Wednesday, May 22 and had to enter administration.
Elkerton says the administrators are working with Swan Services’ customers and the union to try to organise a smooth transition of contracts to other cleaning companies.
“We are hopeful that the majority of employees will be recontracted by the new suppliers,” he says.
Elkerton says the highly competitive nature of the cleaning sector has led to a number of businesses entering into unprofitable contracts.
“There have been <a target="_blank" href="https://www.smartcompany.com.au/retail/040184-20100906-unsecured-creditors-unlikely-to-get-a-return-from-collapsed-cleaning-giant-reflections-group-2">a number of cleaning companies</a> which have gone down over the last two to three years and unprofitable contracts are a recurring theme and it appears people have quoted for cashflow rather than profit,” he says.
The Age report today that Swan Services owes $1.6 million to its employees for wages. Its workers were said to earn $17 an hour cleaning shopping centres and $21 an hour in office buildings.
Swan Services owes a further $2.7 million to creditors such as cleaning product suppliers. The bill for government creditors, primarily the Tax Office, is yet to be determined.
This article originally appeared on <a target="_blank" rel="nofollow" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Cleaning giant Swan Services collapses

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Mornington Winery Group has collapsed as the wine industry battles against a "double whammy" of high exchange rates and a consolidated retail sector.
John Lindholm and Peter McCluskey of Ferrier Hodgson were appointed as administrators to the boutique winery last week.
Expressions of interest were sought today for the winery, cellar door and restaurant with seating capacity for 110 people.
Mornington Winery Group includes key brands Dromana Estate, Mornington Estate, 'i' Range and David Traeger and has leasehold vineyards of 48.5 hectares with 19.2 hectares currently under vine.
The winery has 500 tonne crushing capacity, 130,000 litres of onsite storage and produces 10,000 cases per annum.
Mornington Winery Group's collapse follows the recent administration of the historic <a href="https://www.smartcompany.com.au/food-and-beverages/053462-historic-winery-collapses-into-administration-2" target="_blank">Buller Wines</a> and <a href="https://www.smartcompany.com.au/food-and-beverages/054408-woolies-looks-to-swallow-collapsed-barossa-valley-winery-2" target="_blank">Barossa Valley Estates</a>.
Paul Evans, chief executive of the Winemakers' Federation of Australia, said it was a tough time for wineries.
"Like most manufacturing sectors with an export orientation we are confronting a double whammy of high exchange rates, which has seen a 30% increase in the price of products against competitors' currencies since 2008," he says.
"Domestically, we are faced with a highly consolidated retail sector and fierce competition amongst producers with the own brands of retailers and increasing numbers of imports."
Evans says many wineries are trying to diversify, as Mornington Winery Group had done, into restaurant operations along with cellar door sales.
"With so much competition domestically, all companies need to find their particular niche and speciality and focus on that," he says.
"The more businesses can drive sales volumes through formats which are high margin, the better off they are, and cellar doors and restaurants are at the top of that risk."
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Wine industry struggling as Mornington Winery Group collapses

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Self-managed super funds are continuing to grow in popularity with the latest figures from the Australian Prudential Regulation Authority (APRA) showing assets increased to $22 billion.
APRA’s quarterly superannuation statistics for March 31, 2013 show <a target="_blank" href="https://www.smartcompany.com.au/superannuation/052307-government-warned-to-back-off-on-proposed-changes-to-smsfs">SMSF assets </a>now make up 33.9% of the total $68.4 billion increase in superannuation assets in the last quarter.
SMSF Professionals’ Association of Australian director, Graeme Colley, said this increase means the total assets in SMSFs now stands at $496.2 billion or about 31.5% of the total $1.58 trillion superannuation pool.
“What these numbers say about SMSFs is positive on two fronts,” he said in a statement.
“First, that the fund trustees and their professional advisors have not missed the upswing in the equity markets in this quarter or over the past year.”
Colley said the investment performance of the SMSF sector has been on a par or better than the other sectors.
“Second, that despite the market volatility of the past years post the global financial crisis, people still want to take control of their superannuation and be responsible for it,” he said.
“This reflects both a growing awareness by trustees of superannuation and their capacity to be able to get professional advice on all issues pertaining to the management of their SMSF.”
A spokesperson from the Australian Institute of Superannuation Trustees said the APRA data showed industry funds were aware of the market competition from SMSFs and are increasingly offering products which compete.
“While the figures also show strong growth in the SMSF sector, superannuation funds are increasingly offering innovative, good value new products and services, which mirror some of the features of self-managed funds and aim to help retain members, particularly those with large balances,” the spokesperson said.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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APRA figures show SMSF assets have hit $22 billion

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A large dairy farm in Victoria has been placed into receivership, as dairy farmers continue to struggle.
Hines Dairy Farm, near Warrnambool in Victoria, has been placed into receivership by the Commonwealth Bank.
<a rel="nofollow" href="https://www.theland.com.au/news/agriculture/agribusiness/general-news/dairy-liquidity-woes/2655132.aspx" target="_blank">The Australian Financial Review reports</a> the farm has more than $5 million worth of dairy farming land and up to 500 cows.
PPB has been appointed as receivers and Geoff Ridgeway and Philip McGibbon of Jirsch Sutherland have been appointed as liquidators of the dairy farm.
A source said the receivers were conducting an urgent assessment of the farm.
While at this stage it is too early to say what is happening, the source said one of the options is a restructure of the business.
Ridgeway and McGibbon were not available to comment.
The receivership follows the collapse of the Alan Fisher Pastoral Company in February, which operates a significant dairy farm near Warrnambool.
The dairy industry has been under continued pressure from price wars between the supermarkets.
Earlier this year, senator Nick Xenophon <a href="https://www.smartcompany.com.au/agribusiness/053863-dairy-industry-needs-another-inquiry-as-australia-day-marks-two-years-of-milk-wars-xenophon-2" target="_blank">called for another inquiry into the industry</a> while Coles has brokered a deal to <a href="https://www.smartcompany.com.au/food-and-beverages/055059-the-coles-milk-shake-up-a-farmer-s-point-of-view" target="_blank">cut out the middle man</a> in milk supply in a move it says will improve prices for dairy farmers.
In a <a rel="nofollow" href="https://www.dairyaustralia.com.au/~/media/Documents/Stats%20and%20markets/S%20and%20O/S%20and%20O%20Feb%202013/130212%201140%20February%202013%20S%20%20O%20Update%20-%20final.pdf">report released earlier this year</a>, Dairy Australia found milk price and higher feed and energy costs were the major concerns for dairy farmers this year.
"Southern export region farmers are facing an 8-10% price drop. Northern domestic producers also face negative price signals and some are now also coping with flood impacts," the report found.
Although average wholesale prices for some key dairy product categories firmed slightly over the December quarter and total sales volumes were broadly stable, average per litre supermarket retail fresh milk prices were down.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Dairy industry continues to struggle as major Victorian farm collapses

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

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Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

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Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

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A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

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Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

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Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

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While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

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The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

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Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

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Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

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Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

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A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

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“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

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Cara Waters

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