Tourist Accommodation Data Sheet Year ended June 2013

Next Update September 2014

ALL ESTABLISHMENTS All establishments refers to hotels and resorts; motels, private hotels, and guest houses; and serviced apartments. SUPPLY

DEMAND Takings $ (millions)

% Change1

Yield3 $

% Change1

Australia

4,237

0.1%

83,589,460

0.6%

54,334,100

-0.1%

65.0%

-0.5%

$9,008

2.5%

$165.80

2.6%

$107.77

1.9%

QLD

1,137

0.9%

22,351,264

0.2%

14,492,700

-0.9%

64.8%

-0.7%

$2,265

1.6%

$156.27

2.6%

$101.33

1.5%

NSW

3.0%

1

Room Occupancy Change (%point)2 %

% Change

% Change

% Change

% Change

REVENUE

Establishments

1

Room Nights Occupied

Average Room Rate $

Room Nights Available

1

1

1,385

-0.6%

25,761,232

-0.2%

16,793,900

-0.4%

65.2%

-0.1%

$2,852

2.7%

$169.83

3.1%

$110.71

VIC

814

0.5%

15,838,793

2.1%

10,347,300

2.9%

65.3%

0.5%

$1,736

4.7%

$167.74

1.7%

$109.58

2.5%

WA

347

1.5%

7,972,678

0.2%

5,394,500

-2.9%

67.7%

-2.2%

$1,031

0.3%

$191.17

3.2%

$129.35

0.0%

SA

264

-0.8%

4,650,117

0.0%

2,857,300

-1.8%

61.4%

-1.2%

$405

-1.5%

$141.90

0.3%

$87.19

-1.5%

Gold Coast

152

0.0%

4,874,690

1.0%

3,319,696

2.6%

68.1%

1.0%

$508

5.4%

$153.06

2.7%

$104.23

4.3%

Brisbane

194

-0.5%

4,805,800

0.7%

3,571,666

-2.8%

74.3%

-2.7%

$640

-1.0%

$179.16

1.9%

$133.15

-1.6%

132

2.3%

2,020,764

-0.3%

1,122,848

0.1%

55.6%

0.2%

$179

-0.6%

$159.12

-0.7%

$88.41

-0.3%

Sunshine Coast Fraser Coast

4

45

0.0%

636,625

-2.0%

322,673

3.5%

50.7%

2.7%

$38

7.3%

$116.79

3.6%

$59.19

9.4%

112

5.7%

1,052,471

5.2%

693,498

10.0%

65.9%

2.9%

$88

19.1%

$127.47

8.3%

$83.99

13.3%

Bundaberg

33

-5.7%

314,270

-0.4%

205,255

8.5%

65.3%

5.4%

$25

8.5%

$119.79

0.0%

$78.24

8.9%

Central QLD

108

3.8%

1,503,060

2.2%

928,512

-9.3%

61.8%

-7.8%

$138

-7.3%

$148.96

2.2%

$92.02

-9.3%

Mackay

53

0.0%

692,255

-7.5%

473,463

-19.7%

68.4%

-10.3%

$74

-21.2%

$156.00

-1.9%

$106.69

-14.8%

Whitsundays

35

0.0%

984,451

-2.9%

540,290

0.6%

54.9%

1.9%

$128

3.9%

$236.27

3.2%

$129.67

7.0%

Townsville4

60

0.0%

1,125,193

4.0%

665,984

-5.8%

59.2%

-6.2%

$88

-3.7%

$132.84

2.2%

$78.62

-7.5%

TNQ

173

0.6%

3,910,876

-1.5%

2,400,252

2.8%

61.4%

2.6%

$328

9.6%

$136.72

6.6%

$83.91

11.3%

Outback

40

-2.4%

430,809

-1.5%

248,625

-7.9%

57.7%

-4.1%

$31

0.5%

$124.63

9.2%

$71.92

2.0%

Darling Downs

•

Globally there have been signs of improvement in the accommodation industry. Mega events continue to drive large scale supply and demand5. Brazil which will host the Olympics and the World Cup, currently accounts for 44% of Central and South American hotel development. An increase in religious tourism demand has seen Saudi Arabian supply lift by 100%. Ireland has seen strong growth over the year due to the success of "The Gathering" promotion. Russia has also increased its hotel development pipeline by 32% through to July 2013, mostly as a result of the Winter Olympics.

•

On the demand side, accommodation yield (or RevPAR) for the year to June 2013 has been increasing globally, except for Africa and Asia/Pacific5. Africa is being impacted by a World Cup demand hangover in South Africa, and Asia/Pacific is being impacted by oversupply in India and the 2012 slow down in China.

•

Despite the fall in yield, Asia/Pacific continues to grow its supply side with more than 400 000 rooms currently under development5. This includes 10 900 rooms in Shanghai, 8 700 rooms in Manila and 7 200 rooms in Bali.

Key Points:

• During the year ended June 2013, Australian accommodation assets became quite popular5. • Cost Whileofthe living Australian pressures development continue to pipeline drive remained Australiangenerally consumers weak towards except budget for Melbourne, conscious travel 5 in domestic options. thebeen year to June 2012investor there was a 13%in increase travellers whorecently were visiting friend there In has significant activity acquiring existing assets. Most 31 or Accor relatives (VFR). hotels This growth negativelywere impacts thethe commercial sector, with an branded across Australia sold to Abu Dhabiaccommodation Investment Authority. increasing Late lastnumber year saw travellers the $340 opting million to stay saleinofprivate the Four residences Seasons(e.g. Sydney, staying as with well aasfamily threemember). Despite lowHotels, consumer confidence, demand for commercial increased on a national Marriott including the Brisbane Marriott, which wereaccommodation sold to a Malaysian investment level. firm.This can partially be attributed to a nation-wide increase in domestic and international business travel. • Over the last year, for most of Australia, there was an increase in yield for accommodation which went against the Asia/Pacific trend. with New WA South Wales Victoriathe recorded strong • Positively, takings increased for all states, and QLDand recording strongest growth. The growth with Queensland also in positive expanding resources and mining sectors territory. in WA and QLD key contributors to this increase. Within Queensland the influence of these sectors drove growth in takings in Central QLD, Bundaberg, and the •Darling Changes in the visitor profile (particularly business travellers) to the maturing of the room) Downs. Room rates have also seen in healthy increases, withdue yield (revenue per available resources cycle, has had impact on room nights occupied and the growing in all investment states. QLD recorded thean second largest growth in yield, up 6.8%. Thisoccupancy was 1% higher than rate for the main resource states. national growth.

1

Tourist Accommodation Data Sheet Year ended June 2013 Establishments with fifteen or more units which mostly comprise self-contained units at the same location, and which are available on a unit/apartment basis to the general public for a minimum of one night. The units should have full cooking facilities (i.e. hot plates and oven/microwave) in most guest rooms.

HOTELS and RESORTS

SUPPLY

Australia

Establishments 856

DEMAND

% Change

Room Nights Available

% Change

0.7%

32,181,406

1

REVENUE

Room Nights Occupied

% Change

1.4%

22,714,100

1.3%

70.6%

-0.1%

1

1

Room Occupancy Change (%point)2 %

Takings $ (millions) $4,321

% Change

Average Room Rate $

% Change1

Yield3 $

% Change1

3.5%

$190.25

2.2%

$134.28

2.1%

1

QLD

182

1.7%

7,606,841

0.8%

5,080,300

-0.4%

66.8%

-0.8%

$897

1.1%

$176.65

1.4%

$117.98

0.2%

NSW

209

2.0%

9,201,076

1.2%

6,919,200

1.9%

75.2%

0.5%

$1,432

4.8%

$206.99

2.9%

$155.65

3.6%

VIC

154

-0.6%

6,208,765

1.8%

4,542,200

3.9%

73.2%

1.4%

$870

6.1%

$191.53

2.2%

$140.12

4.2%

WA

127

1.6%

3,827,369

0.3%

2,696,400

-2.3%

70.5%

-1.8%

$565

0.9%

$209.59

3.3%

$147.66

0.7%

SA

74

0.0%

1,996,496

1.4%

1,336,700

1.8%

67.0%

0.3%

$202

-0.7%

$151.46

-2.4%

$101.41

-2.0%

Gold Coast

27

0.0%

2,390,336

3.1%

1,650,959

2.6%

69.1%

-0.3%

$278

5.4%

$168.11

2.7%

$116.11

2.3%

Brisbane

34

3.0%

1,596,089

2.3%

1,213,789

-1.1%

76.0%

-2.6%

$256

-0.1%

$211.07

1.0%

$160.51

-2.3%

Sunshine Coast

6

0.0%

196,902

200.1%

127,682

261.2%

64.8%

11.0%

$23

289.5%

$178.54

7.9%

$115.77

29.8%

Fraser Coast4

4

0.0%

92,698

-26.5%

45,853

-18.8%

49.5%

4.7%

$5

-15.7%

$112.76

3.8%

$55.78

14.7%

Darling Downs

16

0.0%

175,560

-1.1%

93,835

0.4%

53.4%

0.8%

$12

12.0%

$123.33

11.5%

$65.92

13.3%

Bundaberg

2

0.0%

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

Central QLD

18

12.5%

369,653

1.5%

204,313

-12.4%

55.3%

-8.8%

$30

-12.1%

$145.90

0.3%

$80.64

-13.4%

Mackay

10

0.0%

152,875

-28.5%

104,019

-36.3%

68.0%

-8.2%

$18

-43.7%

$176.92

-11.6%

$120.38

-21.2%

Whitsundays

10

0.0%

650,131

-1.9%

358,691

1.1%

55.2%

1.6%

$97

2.8%

$271.57

1.7%

$149.83

4.7%

Townsville4

14

7.7%

376,842

21.5%

233,593

6.6%

62.0%

-8.7%

$31

1.8%

$132.94

-4.6%

$82.41

-16.2%

TNQ

35

0.0%

1,417,646

-4.0%

962,816

2.0%

67.9%

4.0%

$137

7.0%

$142.73

4.9%

$96.94

11.5%

Outback

6

-14.3%

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

Key Points:

•

The Australian hotel and resort sector remained stable for the year ended June 2013. While Deloitte Access Economics and Dransfield Hotels & Resorts have forcast a positive longer-term outlook for the sector, within the overall national result, there were a range of impacts and influences at state and regional levels.

•

Domestic holiday demand continued to drive room nights occupied and average room rates for hotels and resorts in Sydney and Melbourne. This influence was greatest during major events.

•

The Gold Coast and TNQ (with similar numbers of hotels and resorts) had good results due to the stronger domestic holiday visitor market. There was a gain in available room nights on the Gold Coast and the loss of available room nights for TNQ. The Sunshine Coast has fewer properties in this sector, however it also benefited from domestic holiday visitors. All three regions took the opportunity to push their average room rates which resulted in strong growth in room yield for both TNQ and the Sunshine Coast.

•

Brisbane continued to feel the effects of the structural changes within the resources boom which has caused the recent decline in business travel. This caused a subsequent drop in occupancy rate and yield.

•

The flow-on effect of the structural changes within the resource regions gained traction with a large decline in the occupancy rates for Mackay, Central Queensland and Townsville. All three regions also had large falls in their yield.

•

With the Darling Downs at an earlier stage in the resource development cycle, its hotels and resorts had some improvement in the occupancy rate and used the higher demand to achieve strong growth in the average room rate.

•

With only a small number of hotel and resorts, the results for Fraser Coast and Bundaberg were unduly impacted by changes in the number of rooms and room nights included in the survey.

2

Tourist Accommodation Data Sheet Year ended June 2013 Establishments with fifteen or more units which mostly comprise self-contained units at the same location, and which are available on a unit/apartment basis to the general public for a minimum of one night. The units should have full cooking facilities (i.e. hot plates and oven/microwave) in most guest rooms.

MOTELS, PRIVATE HOTELS and GUEST HOUSES SUPPLY

DEMAND

Yield3 $

% Change1

-1.0%

31,047,162

-0.7%

17,760,600

-3.0%

57.2%

-1.4%

$2,280

-0.6%

$128.40

2.4%

$73.45

0.0%

531

-0.4%

6,884,230

-0.5%

4,369,200

-3.0%

63.5%

-1.6%

$568

0.3%

$129.92

3.4%

$82.46

0.8% 0.6%

QLD

Takings $ (millions)

% Change1

2,392

Australia

1

Room Occupancy Change (%point)2 %

% Change

% Change

% Change

% Change

REVENUE

Establishments

1

Room Nights Occupied

Average Room Rate $

Room Nights Available

1

1

NSW

981

-1.3%

12,184,562

-0.9%

6,768,700

-2.9%

55.6%

-1.1%

$856

-0.3%

$126.48

2.7%

$70.26

VIC

493

-0.8%

5,732,801

-0.9%

3,040,700

-2.6%

53.0%

-0.9%

$372

-2.6%

$122.39

0.0%

$64.92

-1.7%

WA

123

-0.8%

2,260,466

-0.1%

1,404,400

-4.1%

62.1%

-2.6%

$202

-0.5%

$143.56

3.8%

$89.19

-0.4%

SA

153

-1.9%

1,892,586

-2.1%

1,005,200

-6.0%

53.1%

-2.2%

$121

-4.5%

$120.51

1.6%

$64.01

-2.5%

Gold Coast

28

-6.7%

474,974

-5.2%

290,810

0.3%

61.2%

3.3%

$37,285

5.4%

$128.21

5.1%

$78.50

11.2%

Brisbane

89

-3.3%

1,409,583

-2.5%

966,283

-6.2%

68.6%

-2.7%

$138,658

-3.7%

$143.50

2.7%

$98.37

-1.2%

Sunshine Coast

30

3.4%

241,106

205.9%

126,736

270.0%

52.6%

9.1%

$15,813

278.8%

$124.77

2.4%

$65.58

23.8%

Fraser Coast4

24

4.3%

164,130

-25.4%

81,469

-25.2%

49.6%

0.1%

$7,907

-22.7%

$97.06

3.3%

$48.18

3.6%

Darling Downs

90

5.9%

792,301

6.0%

537,639

11.3%

67.9%

3.3%

$68,370

20.2%

$127.17

8.0%

$86.29

13.5%

Bundaberg

23

-8.0%

220,014

283.8%

147,176

307.8%

66.9%

3.9%

$16,948

326.8%

$115.15

4.7%

$77.03

11.2%

Central QLD

76

1.3%

931,870

2.9%

593,930

-8.3%

63.7%

-7.8%

$83,108

-7.3%

$139.93

1.0%

$89.18

-10.0%

Mackay

34

0.0%

429,604

1.2%

298,989

-14.1%

69.6%

-12.4%

$43,220

-10.6%

$144.55

4.0%

$100.60

-11.7%

Whitsundays

9

-10.0%

112,983

-8.1%

52,653

-18.5%

46.6%

-5.9%

$7,796

-8.6%

$148.07

12.2%

$69.01

-0.5%

Townsville4

36

-5.3%

507,082

-5.2%

298,485

-12.0%

58.9%

-4.6%

$36,121

-8.0%

$121.01

4.6%

$71.23

-3.0%

TNQ

59

0.0%

1,115,892

-0.9%

698,762

2.4%

62.6%

2.0%

$77,840

6.5%

$111.40

4.0%

$69.76

7.5%

Outback

33

0.0%

346,917

0.8%

208,707

-3.5%

60.2%

-2.7%

$27,090

2.3%

$129.80

6.0%

$78.09

1.5%

Key Points:

•

The motel and guest house sector employs more than 26 600 people in 1929 businesses across Australia, according to IBISWorld6. In recent years, this sector has become highly price focussed and their competition has expanded to include cabins etc in caravan and holiday parks6.

•

The Darling Downs has the largest number of properties in this sector and had strong growth in room nights available. This combined with the growth in average room rate generated a 20% increase in revenue. With the Darling Downs currently the centre of CSG development, growth may continue through to the end of 2014.

•

Nationally and across each of the five largest states, the motel and guest house sector has seen declines in room nights available, room nights occupied and room occupancy.

•

•

Despite these results and the heavy price competition, the sector has pushed average room rate increases - particularly in Queensland and Western Australia. These average rate increases originated in the resource regions during a period of increasing industry demand that appears to have peaked and may now be falling in many areas.

The corollary to the Darling Downs is Mackay and Central Queensland where the resource development cycle is winding down. The impact has been a sharp drop in room nights occupied and the occupancy rate. Despite an increase in the average room rate, the effect of these has been a decline in overall revenue for motels and guest houses.

•

With strong average room rate growth in most regions, there is the possibility that the room rate trajectory may over shoot demand and possibly precipitate a decline in room nights occupied.

3

Tourist Accommodation Data Sheet Year ended June 2013

Establishments with fifteen or more units which mostly comprise self-contained units at the same location, and which are available on a unit/apartment basis to the general public for a minimum of one night. The units should have full cooking facilities (i.e. hot plates and oven/microwave), refrigerator and bath/shower and toilet facilities; all bed linen and towels should be provided, and daily servicing (i.e. cleaning and bed making) must be available through on-site management, although this service may not necessarily be used.

SERVICED APARTMENTS

SUPPLY

DEMAND

Yield3 $

% Change1

3.5%

$173.64

2.2%

$118.20

2.3%

989

2.3%

20,360,892

1.1%

13,859,400

1.3%

68.1%

0.1%

$2,407

QLD

424

2.2%

7,860,193

0.2%

5,043,400

0.4%

64.2%

0.2%

$800

3.3%

$158.57

2.9%

$101.74

3.2%

NSW

195

0.5%

4,375,594

-1.1%

3,106,200

0.4%

71.0%

1.0%

$564

2.3%

$181.52

1.9%

$128.86

3.4%

VIC

167

5.7%

3,897,227

7.3%

2,764,400

8.0%

70.9%

0.4%

$494

8.1%

$178.53

0.1%

$126.63

0.8%

WA

97

4.3%

1,884,843

0.7%

1,293,800

-2.7%

68.6%

-2.4%

$265

-0.5%

$204.46

2.2%

$140.34

-1.2%

SA

37

2.8%

761,035

2.1%

515,500

-2.2%

67.7%

-3.0%

$82

1.3%

$158.76

3.6%

$107.54

-0.7%

Gold Coast

97

2.1%

2,009,380

0.2%

1,377,927

3.0%

68.6%

1.8%

$193

5.3%

$140.27

2.3%

$96.19

5.1%

Brisbane

71

1.4%

1,800,128

1.9%

1,391,594

-1.8%

77.3%

-3.0%

$245

-0.2%

$176.10

1.6%

$136.14

-2.1%

96

2.1%

1,435,973

-2.3%

801,723

-2.4%

55.8%

0.0%

$131

-2.5%

$163.45

-0.1%

$91.26

-0.2%

Sunshine Coast Fraser Coast

4

Takings $ (millions)

% Change1

Australia

1

Room Occupancy Change (%point)2 %

% Change

% Change

% Change

% Change

REVENUE

Establishments

1

Room Nights Occupied

Average Room Rate $

Room Nights Available

1

1

17

-5.6%

292,619

-3.5%

153,219

4.6%

52.4%

4.1%

$20

9.2%

$133.76

4.3%

$70.04

13.2%

Darling Downs

6

20.0%

84,610

12.4%

62,024

14.2%

73.3%

1.2%

$8

21.0%

$136.32

5.9%

$99.93

7.7%

Bundaberg

8

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

Central QLD

14

7.7%

201,537

0.3%

130,269

-8.7%

64.6%

-6.4%

$25

-0.5%

$194.95

9.0%

$126.01

-0.8%

Mackay

9

0.0%

109,776

-0.4%

70,455

-9.8%

64.2%

-6.7%

$12

-3.9%

$173.69

6.5%

$111.47

-3.6%

Whitsundays

16

6.7%

221,337

-3.1%

128,946

9.7%

58.3%

6.8%

$22

14.6%

$174.10

4.5%

$101.43

18.4%

Townsville4

10

11.1%

241,269

1.9%

133,906

-9.9%

55.5%

-7.2%

$21

-3.8%

$159.01

6.7%

$88.25

-5.6%

TNQ

79

1.3%

1,377,338

0.6%

738,674

4.3%

53.6%

1.9%

$113

15.1%

$152.86

10.4%

$81.98

14.4%

1

0.0%

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

n/p

Outback

Key Points:

•

•

•

The 'Global Serviced Apartments Industry Report 2013/14' forecast an increase in the demand for quality serviced apartments based on an Ernst & Young report '2012 Global Mobility Study'8. This study noted the global demand for mobile skills will increase over the next two years with short term assignments growing 11% and long term assignments growing 20% - both of which will require ling stay accommodation. 7

The report also noted that as government invests in infrastructure in suburban hubs and regional areas, serviced apartment development is following to support business need for extended stays in these areas. In answer to this need in Queensland, Quest Apartments opened their second serviced apartment complex in Mackay in September 2013. There are industry concerns that Melbourne faces an oversupply of apartments with an average of 2800 per year to be completed over 2013/14 to 2015/169. This year room nghts available grew 7%

•

The Gold Coast and TNQ serviced apartments benefited from stronger domestic visitation. They had good growth in their room nights occupied with both using this slight lift in demand to push their average room rates (TNQ increased average room rates by 10%).

•

The Sunshine Coast remained stable with little change in the occupancy rate and average room rate. The lack of growth in serviced apartments, maybe offset by the growth in competitively priced motels and guest houses.

•

The resource regions continued to reflect the results shown by the hotel and motel sectors. Darling Downs showed strong growth in key areas, while Mackay and Central Queensland struggled against the slow down in industry development.

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Tourist Accommodation Data Sheet Tourist Accommodation Data Sheet Year ended June 2013 Notes:

Important Information - Frequency of Publication

All regions referred to in this publication reflect ABS Tourism Regions.

The data in the Tourist Accommodation Data Sheet comes from the Survey of Tourism Accommodation (STA), published by the Australian Bureau of Statistics (ABS). The ABS has changed the frequency for publishing the STA from quarterly to annually, effective from this issue. As a result, no new STA data will be available from the ABS until September 2014. The next TEQ Tourism Accommodation Data Sheet will be available shortly after this is produced.

1. % change refers to the percentage change between the year ended June 2012 and the year ended June 2013. 2. Change % point refers to the difference between room occupancy in the year ended June 2012 and the year ended June 2013, e.g. where room occupancy for year ended June 2012 was 65.6% and for year ended June 2013 was 65.1%, the percentage point change over the year would equal 1%, i.e. 65.6% minus 65.1%. 3. Yield refers to average takings per room night available. 4. The ABS' Fraser Coast Tourism Region is yet to reflect recent changes with the movement of the South Burnett region to the now Toowoomba Golden West and South Burnett region. The Townsville Tourism Region shares the same boundaries as the ABS' Northern region. 5. Hotel News Now, August/September 2013 6. IBISWorld, Motels Report, September 2013 7. 'Global Serviced Apartments Industry Report 2013/14', The Apartment Service Worldwide, 2013 8. '2012 Global Mobility Study', Ernst & Young, 2012 9. 'Inner Melbourne Apartments', BIS Shrapnel, 2012 n/p denotes not publishable, due to limitations of ABS data.

Data Source: The information included in this report is extracted from the Survey of Tourist Accommodation (STA), conducted by the Australian Bureau of Statistics (ABS). The scope of the STA includes hotels, motels, serviced apartments with 15 or more rooms/units. The statistics in this report depict rolling data for the relevant annual period. This removes seasonality from the data, allowing the measurement of real growth/decline. Please note that there are some differences between RTO regions and ABS statistical regions. The scope of the STA has been reduced to cover hotels, motels and serviced apartments with 15 or more rooms from September 2010 issue of this publication and onwards. Therefore, the following information is excluded from the scope: • hotels, motels and serviced apartments with 5 to 14 rooms • caravan parks with 40 or more powered sites • holiday flats, units and houses of letting entities with 15 or more rooms or units • visitor hostels with 25 or more bed spaces.

The ABS has begun development of an electronic data capture system in an effort to reduce the costs of conducting surveys, including the STA. In the future this may allow for the reinstatement of data collection for the abovementioned accommodation categories. Currently, the ABS is not able to provide a definitive timeline as to when electronic data capture will be introduced. For further information, refer to the Information Paper: Future Changes to Tourist Accommodation, Australia, May 2010 (cat. no. 8635.0.55.003).

For further information: Research Department Tourism and Events Queensland Email: [email protected] Website: www.tq.com.au/research Disclaimer: By using this information you acknowledge that this information is provided by Tourism

and Events Queensland (TEQ) to you without any responsibility on behalf of TEQ. You agree to release and indemnify TEQ for any loss or damage that you may suffer as a result of your reliance on this information. TEQ does not represent or warrant that this information is correct, complete or suitable for the purpose for which you wish to use it. The information is provided to you on the basis that you will use your own skill and judgement and make your own enquiries to independently evaluate, assess and verify the information’s correctness, completeness and usefulness to you before you rely on the information.

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