Invest Gold Coast Chairman Will Hodgman defends City’s spend on new controlled entities
Former Tasmanian Premier and inaugural chairman of Invest Gold Coast Will Hodgman has defended the City’s expenditure on its new controlled entities. READ THE FULL INTERVIEW
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Former Tasmanian Premier and inaugural chairman of Invest Gold Coast Will Hodgman has defended the City’s expenditure on its new controlled entities, saying it was essential to spend money to make money.
Some city eyebrows have been raised at the recent creation of Invest and Brand Gold Coast, given that mega-tourism body Experience Gold Coast was created to avoid costly duplication between its five previous entities - Destination Gold Coast, Study Gold Coast, Major Events, Home of the Arts (HOTA) and Placemakers - and their respective boards. That 2023 merger was hyped as creating $6.8 million in direct savings annually.
However, with the city now back up to three controlled entities, each with its own high-powered board, there is some disquiet among some luminaries in the city - but Mr Hodgman said there was zero duplication between the bodies, plus greater savings and efficiencies.
“The three entities have very different roles but they are intertwined, interdependent and complementary,” Mr Hodgman said.
“We have been very distinctly asked not to, in any way, cut across or duplicate anything that other entities are doing, but to work collaboratively with them. In a simplistic way, the entities are identifying a brand, selling a brand and delivering a brand – each works with the other but has its own lane.
“For Invest Gold Coast, we operate more efficiently financially and at less cost to the ratepayers of the Gold Coast (than when it was an internal department of the City of Gold Coast). This entity is economically and fiscally sustainable, we’re doing more with less.”
Following that ethos, Invest Gold Coast aims to add 15,000 jobs and $10 billion dollars to the city’s bottom line over the next decade.
By comparison, Mr Hodgman said his annual salary as chairman of the board was $150,000.
He said while the entity’s economic ambition was unabashed, it was also achievable.
“The advice from our economic team is that, albeit a new entity, we have so far generated about $840 million in economic benefit to the City, and we’re only halfway through the year,” he said.
“If you replicate that over the course of a decade per year, plus we’re only halfway through it, it’s certainly achievable.
“Add to that the scale of what we have on the drawing board and what we will bring to the city in terms of major investments, the building of a new arena, other arts and cultural assets for the city like a lyric theatre and performing arts centre, the opportunities are enormous.
“We’ve got a lot of work going on under the surface, which is sensitive and the subject of highly competitive environments, we’re competing with other cities, if not states, but major national and multinationals are looking at the Gold Coast to invest.
“A lot of work still needs to be done, we’re building this plane as we fly, but the reception from investors to the Gold Coast has been enormous.”
Mr Hodgman said Invest Gold Coast was focused on six priority sectors with strong forecast growth to 2028: screen and game production; the knowledge economy; tourism, sport and major events; health and wellbeing; building future industries; education and skills.
He said the city was maturing beyond its traditional tourism and construction industries, although those would always remain vital.
However, he said the next critical goal for Invest Gold Coast was the appointment of a chief executive officer, but he was determined not to rush the process in what had been a global search.
“The search is well advanced, we hope to announce an appointment within the coming months,” he said.
“While we build the entity and shape it, we’re very mindful of the enormous opportunity for somebody in a role like that and so the process has to be done purposefully, deliberately and carefully. You don’t want to choose the wrong person and you also can’t take a break from the actual work we do, that doesn’t stop. So it’s a balance.”
Born and bred in Tasmania, where as Premier the state’s economy surged from the worst performing in Australia to the best, Mr Hodgman said he had no regrets in leaving his island home for a new life on the Gold Coast.
He said while he had history with City of Gold Coast CEO Tim Baker, who was his chief of staff when Premier, he applied for the role and was appointed on merit.
“It was Mayor Tom Tate and Donna Gates who came down to Tasmania to look at how we lifted the economy and used branding, and that helped forge a relationship that ultimately led me to leave my home state to be part of this,” he said.
“There are a lot of synergies between the Gold Coast and Tasmania, in that they are economically smaller jurisdictions that need to compete very boldly and assertively. That’s what attracted me to live in a place that has that same ambition.
“My appointment was subject to independent assessment, but personally I was captivated by the opportunity to chair a board of such calibre, and to work with a great team that was already in place and a very dynamic, confident city council.
“Ultimately, we’ll be judged on performance, but this is being driven by people with skin in the game and a love for the city, which is something that I have as well.
“Very quickly, I’ve fallen in love with this place and its opportunity.”
In fact, Mr Hodgman said he planned on staying in the city permanently.
He said he and his wife had bought bikes soon after their arrival and spent their weekends exploring the suburbs.
“My best decision, other than the move here, was getting a bike and cycling the length of the city,” he said.
“I’m signed on for four to five years, but I can’t see us leaving.
“There’s so much to keep us here, even beyond work. I’m invested in this city.”
MEET THE INVEST GOLD COAST BOARD
Hon Will Hodgman (chairman)
Serving as Premier of Tasmania from 2014-2020, was previously Attorney General, Minister for Tourism, Trade, Hospitality and Events, Sport and Recreation, and the Arts. After leaving Parliament by choice, he was appointed inaugural Chair of the Australian Business Growth Fund. In 2020, he was appointed High Commissioner to Singapore, lifting it to Australia’s fifth-largest trading partner.
Teresa Dyson
An experienced chair, non-executive director, and senior executive with more than 20 years’ legal advisory and finance experience advising the private sector and government bodies. A non-executive director of Seven West Media Ltd, Genex Power Ltd, Energy Queensland, Gold Coast Hospital & Health Service, Shine Justice Ltd, Brighter Super and the Foundation for Alcohol Research and Education.
Katie Page
The Harvey Norman CEO has led the continued success of the international home and lifestyle retailer. Privately, she and husband Gerry Harvey are co-owners of Australia’s leading thoroughbred sales company, Magic Millions. Long history in supporting and advocating for women and girls in Australian sport, education and enterprise and an ex-board member of Tourism Australia, Place NSW and the Retail Council of Australia.
Karen Jorritsma
Bringing significant financial experience across global markets in equities and risk management, Jorritsma is a commentator for Sky Business, ABC Business, AFR and The Australian. She is Managing Director, Head of Equities Australia for RBC Capital Markets and Chair of RBC Securities Australia Board.
Gary Weiss, AM
Investor, activist and director, Weiss is the Chair of Dreamworld theme park owner Coast Entertainment Holdings Limited, chair of Cromwell Property Group, Executive Director of Ariadne Australia Limited, Deputy Chair and Lead Independent Director of Myer Holdings Ltd and Commissioner of the Australian Rugby League Commission.
Dr Soheil Abedian, AM
Founder of Sunland Group, which produced over 45,000 products throughout Australia and the United Arab Emirates. After delisting in late 2023, he established a private development company, Abedian & Co, and is renowned for his philanthropy, with The Abedian Foundation supporting educational scholarships and initiatives. Famously wrote a cheque so US Open tennis winner Sam Stosur’s school could have a decent tennis court when she was a student. Awarded ‘Keys to the City’ in 2019 and named a Member of the Order of Australia for “significant service to the community, and to the property development sector” in 2021.
Originally published as Invest Gold Coast Chairman Will Hodgman defends City’s spend on new controlled entities
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