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Vol 11. No.59

Economic Overview

	Current	+/-	Movement
$AUS/$US	90.92	-0.61
Cash Rate	4.00	Steady
90 Day Bill	4.40	+0.01
10 Year Bond	5.700	+0.050
ASX 200	4885.4	-6.1

Queensland

• According to new research, Brisbane’s commercial office market saw 58,000m² of new space added with 40,000m² taken up in the six months to January 31.
• Current refurbished backfill space totals 57,000m² with the largest available space within the Transit Centre with 30,000m² following Telstra’s departure and 11,000m² available in 40 Creek Street.
• The vacancy level within Brisbane is the highest across all major capitals currently at 11.3% and is the highest level seen since 1993 according to the PCA.
• Industry figures have an upbeat attitude regarding the Brisbane market with predictions made during the GFC likely to not play out as many projects were shelved lowering future supply in the market and assets that were for sale taken off the market following capital raisings over 2009.

• The Queensland Government has announced that mandatory six star energy efficiency standards for all new houses, townhouses, and major renovations will be enforced from 1 May 2010.
• The announcement is seen to be premature and has surprised industry with the Council of Australian Governments requirement for six star energy efficiency not taking effect until 1 May 2011.
• Industry claims that 5 weeks to alter plans is not sufficient with changes being required to attributes such as insulation, windows, external areas and the orientation of dwellings.
• The requirement is also applicable for all new work and additions done to existing buildings and enclosed garages that are attached to class 1 buildings such as houses and townhouses.
• Credits of up to one star will still be available if outdoor living areas and solar photovoltaic systems of up to 1kW are incorporated into the design of new dwellings.