The current rapid infrastructure developments that have taken place and are going to take place in recent times is going to change the outlook of Australia forever. Among the latest developments include the approximate 200 brand new hotels that have been built all over across Australia since the beginning of 2020.
These projects have added around 19,000 guest rooms to Australia’s portfolio and if that is not enough, there are a series of new construction projects in the pipeline that apart from accommodation, projects involving venues, experiences and public facilities. From the winery, Levantine Hill Estate that is developing a boutique hotel valued at an approximate AUD$20 million to the Six Senses which is scheduled to open as the first Australian property in the Dandenong Ranges which is only about 40 from Melbourne.
Other projects within Melbourne also include the Collection owned by TFE Hotels and A by Adina which enhances the tourism sector significantly especially with elements such as the 1,000 person capacity conference centre that sports a 360 degree view of the city from the sky bridge where it is located. Other projects that have been specifically aimed at the tourism faction of Melbourne, Australia include the National Gallery of Victoria (NGV) which will become the largest gallery in Australia if not the region dedicated to solely the arts.
These projects and many others similar to them are not only going to impact the Australian economy in future as the positive impacts of these projects on the economy are already being felt across Melbourne especially within the construction sector as the sector is undoubtedly the first recipient of the benefits brought forth by these projects which include employment for construction workers, increased rental frequency of equipment such as excavators, cranes, dumpers, hydraulic attachments or even skid steers among others.
The construction industry which was negatively and deeply affected by the COVID 19 pandemic just two years ago due to lockdowns and other government measures to curb the spread of the virus. During this time most construction projects in major cities such as Melbourne came to a screeching halt. These new projects that will continue for years to come will ensure employment for the construction and place money in the hands of the workers involved who will be able to spend or inject money into the economy.
Similarly industry components that offer construction material or equipment rental enterprises that offer equipment such as excavators for hire in melbourne or other equipment that are essential for the success of these projects for hire are also on the receiving end as they are able to update and upkeep their fleets. It is evident that within the next five years these projects are not only going to change the face of cities such as Melbourne, but also the economies due to the fact that these projects are expected to attract foreign investment worth billions of dollars.
The current construction projects will also trigger thousands of smaller projects that would benefit smaller construction companies as they take on renovation projects or landscaping projects which will create an economic cycle that can be expected to last for decades.