BRACING FOR ECONOMIC WINDFALL
Benefits to continue well after race is won
THEY are costing $2 billion to stage, but the Gold Coast Commonwealth Games are forecast to deliver Queensland a $4 billion economic windfall – and potentially much more.
A Griffith University report says the Games will result in billions of dollars in new public and private infrastructure, bring in more than 670,000 extra tourists, help create 30,000 jobs and stimulate ongoing benefits for business years after the closing ceremony in April.
The Griffith Institute For Tourism-led report predicts the Games will be an economic supercharger for the Gold Coast and Queensland.
Penned by five academics specialising in tourism, accounting and finance, the 68page report says the benefits from hosting Queensland’s biggest-ever event are set to flow for close to a decade.
“The Games will bring more international visitors to the state, create business opportunities, and further facilitate multifaceted cultural exchange,” it says.
“The potential impacts ... are multifaceted and include not only economic but social and environmental aspects.”
A predicted $2 billion boost to the state’s gross domestic product is the headline number in the report, which also forecasts $2.6 billion in additional public and private sector investment.
The Games are credited with helping drive big-ticket projects, including the $420 million second stage of the Gold Coast light rail, the $670 million upgrade of Pacific Fair, a $345 million transformation of The Star hotel-casino at Broadbeach, a $300 million redevelopment at Gold Coast Airport and $220 million in road and rail improvements.
More than 16,000 full-time equivalent jobs are forecast to be generated before, during and after the Games, plus 14,000 temporary positions.
Sixteen thousand workers have already been employed on building and refurbishing Games venues, including the $552 million athletes village at Parklands, the $110 million Gold Coast Sport and Leisure Centre at Carrara, $41 million Gold Coast Aquatic Centre, $40 million Coomera Indoor Sports Centre and a new $16.5 million hockey complex at Labrador.
The report tips a massive uplift in tourism before, during and after the Games.
More than 670,000 visitors, including about 50,000 from
THE POTENTIAL IMPACTS …. ARE MULTIFACETED AND INCLUDE NOT ONLY ECONOMIC BUT SOCIAL AND ENVIRONMENTAL ASPECTS GRIFFITH INSTITUTE FOR TOURISM REPORT
overseas, are forecast for the Games themselves in a $320 million financial injection.
But the effects are expected to be even more and long-lasting, with the report stating the Games will help lure almost 500,000 additional visitors –
who will splash $550 million – in the four years leading up to and following the event.
Commonwealth Games Minister Kate Jones said the worldwide exposure from the Games was expected to generate $488 million in exports and foreign investment.
“The State Government’s Games-time trade and investment program – Trade 2018 – will support diversification of the economy, particularly at
the Gold Coast Health and Knowledge Precinct,” she said.
“Attracting investors and partners for the precinct is an important part of this.”
Commonwealth House – a purpose-built beachfront pavilion at Kurrawa – will become an international trade and investment hub.
Mayor Tom Tate said the Glitter Strip was in the midst of an unprecedented “economic transformation”, with $13 billion
in major infrastructure under way.
“The Commonwealth Games presents a unique opportunity to help transform the Gold Coast’s image and reputation, while creating a lasting legacy,” he said.
“All of the work is focused on further establishing the Gold Coast as a vibrant and connected city, internationally renowned for business, lifestyle and culture.”