QYAC posts $2m surplus despite COVID emptying Straddie campsites

A North Stradbroke Island corporation, accused of financial mismanagement, has fended off naysayers posting a $2 million net surplus in its 2019-20 annual report.

Indigenous land owners benefited from mining royalties which grew over the year.

A North Stradbroke Island indigenous corporation, which has been accused of financial mismanagement, has fended off naysayers revealing a $2 million net surplus in its 2019-20 annual report.

STRADDIE CAMPSITES EMPTY

SECRET STRADDIE LAND DEAL

STRADDIE FERRY CLAIM ‘LOAD OF CROC’

The Quandamooka Yoolooburrabee Aboriginal Corporation posted a $2.1 million net profit for the 2019-2020 year.

The result was despite its core business — campsites on North Stradbroke Island — remaining empty for three months due to COVID restrictions.

The corporation, known as QYAC, came under fire in July when small businesses on the island complained there were no tourists and blamed the organisation.

Despite QYAC’s seven holiday parks and two beach sites being shut between April and July, camping still earned QYAC $3.6 million, down from 2019’s $4.465 million.

QYAC’s $2,099,000 net profit was well up on the $179,000 from the 2019 year, when QYAC took over as operator of Minjerribah Camping.

While camping revenue was down, coffers were boosted with $8.2 million in state and federal grants, double the $4.1 million received the previous financial year.

Mining royalties, from the 2011 native title determination, also grew by 9.7 per cent over the year.

The report coincides with today’s Productivity Commission report which calls for a complete overhaul of billions of dollars in federal spending on indigenous support each year.

The Productivity Commission said too many programs were developed without adequate consultation with indigenous groups to find out of they worked.

Glamping at Adams Beach on North Stradbroke. There was no camping during COVID from April to the end of June.

Holiday vans and beach permits brought in $1.15 million, only slightly up on the previous year’s $1.12 million and cultural heritage monitoring and training also earned $941,000.

In a year of little international or national travel, QYAC chalked up $340,000 on meetings, travel and conferences, with much of that for ranger-related field trips and paying to take vehicles on barges to Moreton and the southern bay islands.

Liabilities also increased by $3 million, with $2 million in campground bookings held on deposit and $1 million held in advance to build a Whale Interpretative facility at Point Lookout.

A whale centre will be built at Point Lookout.

Chief executive Cameron Costello said the report showed the corporation was managing its assets prudently even in a year of business disruption from COVID.

“This is a document that clearly shows our mining royalties held in trust are preserved,” he said.

“This is our best-ever profit and demonstrates clearly we are financial managers who can be trusted and can perform even in challenging situations.

“At the moment, our forward bookings, outside of this report, look like a bumper Christmas again where we expect to be at capacity from December to February — but of course, that depends on what happens with the borders and the virus.

“Our revenues may suffer from us no longer packing people in to the campsites any more now that there are new social distancing rules.

“But our revenue for campgrounds so far this year is already up by 20 per cent on the 2019-2020 year.

“Current assets were $15 million covering liabilities of $6.6 million, which should put to rest concerns about our short-term liquidity.”

The report listed one of QYAC’s highlights for the year as expanding its management on to Moreton Island.