The state’s peak events body has again voiced its support for the Australian Grand Prix today, saying the financial gains and international exposure are worth much more than the government investment debate.
Victoria Events Industry Council Chief Executive Dianne Smith says, “The Australian Grand Prix is one of the premier events on Melbourne’s events calendar which delivers a combined annual economic impact of more than $1.4 billion.
“The Formula Money report last year assessed that the race alone has generated exposure for Melbourne valued at $816 million in the past four years.
“As the season opening event, the Australian Grand Prix attracts a large international television audience with millions of people from more than 150 countries across Asia, Russia and surrounding countries, Europe and Latin America, tuning in.
“These countries represent growing tourism markets for Victoria, and this sort of international exposure is a marketing dream.”
The benefits continue at home, with ticket sales up again last year, attracting 114,900 attendees.
“More than 5000 more visitors from interstate and overseas attended the event last year than in 2011,” says Ms Smith. “This shows that interest in the event and Melbourne as a host continues to grow and highlights the importance of good events calendar management.
“Further economic benefits extend throughout Victoria and Australia as attendees continue to travel following the event to explore our great city, state and country.”
VEIC Chair, Peter Jones, agreed, “Major events like the Grand Prix have flow-on effects to Victoria’s grassroots economy, such as accommodation, hospitality, catering, transport and taxi and retail services – these are all labour-intensive sectors.
“The event is one of the main pillars in the events calendar, complementing the Spring Racing Carnival, Melbourne Food & Wine Festival and the Australian Open Tennis Championships. It is a significant contributor to the state’s economy.”
Background – About VEIC
Established in December 2006, the Victoria Events Industry Council (VEIC) is the peak policy council representing Victoria’s $1.4 billion event industry.
