Victoria Minister for Tourism and Major Events Louise Asher
Coalition Delivers On Economic Impact Assessment Of Grand Prix
Victor P Taffa
Minister for Tourism and Major Events Louise Asher today released a report on the economic impact of the 2011 Formula 1 Australian Grand Prix.
“The Victorian Coalition Government has delivered on its promise to commission a comprehensive study of the economic value of the Grand Prix for the state, and to make that report publicly available.” Ms. Asher said.
“The former Labor Government commissioned a similar study in 2008. Labor refused to release the study publicly.”
“The Coalition Government is committed to delivering greater transparency of the costs and benefits of events that are supported by taxpayers’ funds.” Ms. Asher said.
The Ernst & Young study estimates the 2011 Grand Prix increased Victoria’s real gross state product (GSP) by between $32.04 Million and $39.34 Million and generated between 351 and 411 full-time equivalent jobs.
A separate report by Comperio Research into the branding value of the 2009 Grand Prix estimated that it provides a media or advertising-equivalent value of over $35.6 Million to Victoria.
“We have also demonstrated transparency by introducing 10 documents related to the Grand Prix into the Legislative Council and the annual report, when complete, will be available online for the first time.” Ms. Asher said.
“The extensive global press coverage generated by the event will help to generate future tourism and investment opportunities for the state.”
Victoria’s major events strategy delivers an economic impact of approximately $1.4 Billion for Victoria each year.
“The Coalition Government has a strong commitment to major events. Major events contribute to the vibrancy and liveability of Victoria, and help drive tourism, investment attraction, infrastructure use and community pride throughout the year.” Ms. Asher said.
Melbourne is under a contract to host the Formula 1 Australian Grand Prix until 2015.