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Viewing cable 09MELBOURNE26, CEO OF AUSTRALIA'S LARGEST COMMERCIAL BUILDER ON CHALLENGES

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Reference ID Created Released Classification Origin
09MELBOURNE26 2009-02-16 21:58 2011-08-30 01:44 UNCLASSIFIED//FOR OFFICIAL USE ONLY Consulate Melbourne
VZCZCXRO3611
RR RUEHCHI RUEHFK RUEHHM RUEHKSO RUEHNAG RUEHPB
DE RUEHBN #0026/01 0472158
ZNR UUUUU ZZH
R 162158Z FEB 09
FM AMCONSUL MELBOURNE
TO RUEHC/SECSTATE WASHDC 4881
INFO RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEHZU/ASIAN PACIFIC ECONOMIC COOPERATION
RUEHPT/AMCONSUL PERTH 1531
UNCLAS SECTION 01 OF 02 MELBOURNE 000026 
 
SENSITIVE 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: EIND ECON ETRD AS
SUBJECT: CEO OF AUSTRALIA'S LARGEST COMMERCIAL BUILDER ON CHALLENGES 
AHEAD 
 
REF: A) Canberra 95, B) 08 Melbourne 136 
 
MELBOURNE 00000026  001.2 OF 002 
 
 
Summary 
------- 
 
1. (SBU) The CEO of Australia's largest commercial builder said that 
the GOA's controversial January 27 commercial property assistance 
plan will help give a much needed confidence boost to the sector. 
Money is still tight for commercial developers and many are looking 
gloomily ahead to 2011-2012 when existing projects in the pipeline 
will begin to wrap up.  Grocon and others are looking to take 
advantage of Australia's investment in infrastructure as a way to 
cushion the slowdown.  It is still too early to determine whether 
the assistance program will have the desired effect, but developers 
are receiving it well.  End Summary. 
 
Response to GOA Assistance 
-------------------------- 
 
2. (SBU) During a February 3 meeting, Grocon (Australia's largest 
commercial builder) CEO Daniel Grollo told Consul General that the 
GOA's commercial real estate assistance package has been "critically 
important."  The A$4 billion (US$2.7 billion) assistance package, 
which provides backstop funding for commercial developers (Ref. A), 
would help to restore a "degree of confidence" in the building 
sector.  According to John Van Camp, Grocon's Labor Relations boss, 
each Australian construction position fuels four downstream jobs, so 
reenergizing the commercial property sector could have an 
exponential impact on the Australian economy. 
 
3. (SBU) During a separate meeting in late January, a Master 
Builders Association of Victoria (MBAV) official told post that the 
government's assistance program has been welcomed by the building 
industry, but appears to be a "stop-gap" measure because it is 
limited to projects that already had funding approved which had 
subsequently fallen through.  MBAV is also concerned that the 
program does not address an expected slow-down in commercial 
building.  Grocon and the MBAV are both waiting for specific details 
on exactly how the GOA's commercial property vehicle will function. 
 
Money Still Tight 
----------------- 
 
4. (SBU) According to Grocon, money is still "very tight" for 
developers.  Van Kamp described a Brisbane client who is still 
searching for financing.  Other projects have been forcibly 
downsized due to money woes.  Grocon executives noted that a 
tightening money supply has most dramatically impacted smaller 
developers (market capitalizations under US$17 million).  Post has 
heard from several sources that banks have become very selective 
about funding new projects despite the reduction in Australia's 
official money rate to 3.25 percent.  Grocon has been impacted by 
tighter money as well, but claims that it is "scraping along." 
 
Outlook 
------- 
 
5. (SBU) Looking ahead, Daniel Grollo sees a potentially very dry 
business pipeline.  Commercial development projects entail a long 
lead time and Grollo believes that this may insulate Grocon and the 
commercial real estate sector for the short term.  Grocon is already 
expecting, however, a soft 2011-2012.  The company will attempt to 
respond by going after A$5 billion (US$ 3.35 billion) of "safe" 
government and defense building projects.  Opportunities may arise 
in green buildings and Grocon is looking to lock in "anchor tenants" 
into several of the buildings which they own and operate.  The 
company would also like to expand operations in China and Dubai, but 
the executives noted that business has slowed in both places. 
 
Labor Relations 
--------------- 
 
6. (SBU) Responding to the Labor Government's new Fair Work 
Australia legislation currently before the Senate, John Van Kamp 
noted that Grocon was "comfortable" with the laws.  He said that 
Grocon is in a "wait and see" mode with respect to the proposed 
legislation and is giving the government the benefit of the doubt. 
Van Kamp believes that Grocon's generous benefit and salary packages 
along with a "sterling" safety record will insulate the company from 
the new, more worker-friendly IR legislation. 
 
Comment 
------- 
 
7. (SBU) Concerns over exposure to foreign banks which may not renew 
short term financing played a large role in propelling the GOA's 
commercial building assistance package.  While the CEO of the 
 
MELBOURNE 00000026  002.2 OF 002 
 
 
country's biggest builder did not appear to be losing sleep over a 
dearth of financing, he did seem deeply concerned about a crisis of 
confidence and long term demand.  Previous Australian slowdowns have 
led to significant falls in commercial property values and occupancy 
rates.  Many contacts are bracing for the worst.  It is still too 
early to tell whether the GOA's assistance package is having the 
desired effect of freeing up money in the commercial property 
sector, but it has been well received by at least Grocon and the 
Master Builder Association of Victoria as providing a short term 
stimulatory shot of confidence. 
 
THURSTON