The airport has cemented its status as a major contributor to the Gold Coast and Northern Rivers' economies. Tourist dollars are being spent locally. Last year, passengers using the Gold Coast Airport spent an estimated $1.08 billion in the Gold Coast and Hinterland.

Every $1 spent by a visitor using Gold Coast Airport generates $0.27 in wages and salaries on the Gold Coast. The continual building boom and expansion of flights and services - including the $25 million runway extension - will ensure the airport's contribution to the local economy continues well into the future.

Investment in the major upgrade of the airport's runway and taxiway system will open our region to direct airline services from our key markets in Asia and the Middle East. It is a major vote of confidence in the potential this region has to significantly grow inbound tourism into Australia.

This extension is the culmination of nine years of planning, consultation, design and development. The recent expansion of the runway to 2500m will enable direct flights from China, the Middle East, India, Japan, Singapore, Taiwan, Korea and later, the West Coast of the US. Negotiations are continuing with a number of international airlines including Emirates Airlines, China Eastern, Japan Airlines and Tiger Air.

A major challenge has been the completion of this extension. When we took over Queensland Airports from the Commonwealth Government on May 29, 1998, we knew we had to extend the runway. We had to wait for the Tugun Bypass to be completed and, while that process was delayed, the Government remained committed to the project.

The tarmac is down, we are open for business, and the first international flight to use the runway was a Qantas flight on June 30 - direct from Japan to transport 220 Japanese runners competing in the Gold Coast Airport Marathon.

We are in talks with several airlines including Tiger Air and Air Asia X. We have been in discussions with international carriers for the past three years. We are in the hands of the airlines and they will move their equipment where they can get the best deal.

While Tiger Air is based in Melbourne, we expect them to fly to the Coast and compete in the low-cost carrier market. Meanwhile, Jetstar have indicated they will not be under-sold and are determined to maintain their market share. As a result, we expect the domestic market to grow, as people not usually likely to fly to the Coast are attracted by low fares.

Brisbane (Airport) has always been a competitor, but we have established a niche market here on the Coast. Around 45 per cent of inbound passengers to Brisbane are bound for the Gold Coast, so it will be great to get them flying directly to our doorstep.

A fantastic opportunity exists for the Gold Coast to attract big, international businesses and a burgeoning conference and delegate market. We have world-class facilities with the Gold Coast Convention and Exhibition Centre and a proposed, purpose-built conference centre at Tweed Heads. Large companies, such as Amway and Honda, can fly straight in and we now have the capacity to accommodate plane-loads of delegates.

There is conjecture over the issue of air bridges, but our customers do not want them. With low-cost carriers, the idea is to be able to turn aircraft around quickly. Air bridges do not fit the clientele of our carriers. At $15 million each, low-cost airlines are not willing to the foot the cost.

I'm enjoying the role of chairman of Queensland Airports Pty Ltd immensely and look forward to it continuing. Queensland Airports managing director Dennis Chant and I have had a great desire to see the Gold Coast Airport grow and become the major generator of tourism.

It has been a team effort all around and we are committed to the long-term vision of the airport. There has been a raft of challenges in the past nine years - the Asian economic crisis in 1997-'98, which drastically cut the number of Japanese tourists travelling to Australia; the 9/11 terror attack in 2001; the Ansett collapse, a financial disaster that resulted in us losing 40 per cent of our revenue overnight; and the Asian bird flu, which impacted on business. To be in this current position of growth and prosperity is terrific.

In the past nine years, passenger numbers for the airport have grown from 1.8 million to more than 3.8 million. In that time, the company has completed capital works valued at more than $40 million. We have earmarked a further $120 million for more upgrades in the next three years.

Passenger numbers from 2001 to 2002 were 1.6 million, compared with 3.8 million in 2007. With another international carrier, we could see five million passengers fly into the Gold Coast in 2008.