Project labelled ‘a shocker’ and ‘disrespectful’ after revelations profits would flow overseas

Analysis released by the group behind a $138 million development show profits are expected to flow to investors overseas.

A map showing the 3185ha Cambria Green site near Dolphin Sands. Picture: SUPPLIED

PROFITS from a $138 million development are expected to flow to investors overseas — but guests could spend up to $39 million a year on other East Coast services once the project is fully up and running.

Documents from the group behind Cambria Green have been lodged with the state Planning Commission. They predicted construction of the Dolphin Sands facilities, their operation and associated tourist expenditure would have an “economic impact”.

The documents also said: “it is assumed that foreign investment will fund the construction of the wedding venue, hotel (sky resort), conference centre and golf course.

“This will then result in operating profits from these facilities flowing overseas, which is captured in the modelling framework.”

A view of the Freycinet Peninsula from part of the Cambria Green development site. Picture: SUPPLIED

The first two years of construction would result in investment of almost $18 million across the East Coast, the documents said. That phase would create 15 new full-time equivalent jobs a year in that region, 17.4 FTE jobs across the state and lift local wages by 1.33 per cent.

The analysis said the remainder of the construction jobs would come from “elsewhere in the economy ... i.e. the construction jobs would have existed under the base case scenario of no development”.

The report said estimated tourism spending in the region would rise from $13.1 million in 2022 to $38.7 million a year from 2026. Guests would spend money on groceries and alcohol, clothing, household supplies and haircuts.

It concluded: “the analysis is at too high a level to make a definitive judgment of whether the proposal is beneficial from a community welfare perspective.

“If the economic benefits can be realised, and the social and environmental costs managed and limited, then the proposal would be overall beneficial.”

An aerial view of the Cambria Green site. Picture: SUPPLIED

Greens leader Cassy O’Connor said the documents “really bell the cat on … how little benefit will flow to Tasmanian people”.

“Now we know the Cambria Green mega-project would be financed by foreign money and the profits would flow back overseas — it is there in black and white,” Ms O’Connor said.

“Bottom line — this is a shocker of a development. It’s disrespectful to the East Coast and will deliver very, very little benefit to Tasmania.”

The 3185ha Cambria Green development would include a series of villas, units, hotel rooms and other facilities as well as a crematorium and medical services.

The Glamorgan Spring Bay Council voted in November to amend planning rules to allow the project to proceed. That amendment is before the Planning Commission, which is accepting representations on the development until April 8.