Australian Grand Prix organisers say this year's event will attract a record-breaking crowd. But is the benefit as it seems?
It's that time of year where the roar of engines can be heard across Melbourne's CBD, as thousands of fans flock to Albert Park to see their favourite Formula 1 racers.
Last year, a record-breaking 444,631 spectators came through Albert Park — 72,176 spectators were from interstate, and 8,811 were overseas attendees. Annual reports show Victorian taxpayers have contributed more than $527 million to the event since 2015 — including $100.6 million in 2023.The Victorian government says this isn't a problem — the overall economic impact for the 2023 Grand Prix has been calculated at an estimated $268 million, including $144 million in direct expenditure.
The economist studied the Economic Impact Assessment of the 2023 event, completed by consultancy firm Ernst & Young and commissioned by the state government, which calculated that $268 million figure." treats all the economic activity associated with a project or event as a benefit," Professor Quiggin said.
"And there's more to this than just the direct economic benefits — there's social fabric and societal wellbeing. Lots of people love it."
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