An independent economic impact statement has found expenditure within Victoria associated with the Commonwealth Games will be more than $3 billion, the Premier, Steve Bracks, announced today.

The report, prepared by KPMG, also finds the Games will result in an increase in Gross State Product (GSP) of $1.5 billion.

“We have always known the Commonwealth Games will be an exciting event for Victorians and visitors for two weeks in March 2006, but this report shows the lasting benefits to the State in hosting the Games,” Mr Bracks said.

“Direct Games expenditure, tourism, construction and other commercial activity will generate substantial economic benefits and leave a lasting legacy to the State.

“Furthermore, the Games will create 13,000 full time jobs, including casual positions, new permanent positions and increases in overtime worked.”

Mr Bracks said the findings were a preliminary assessment of the economic benefit of Games activity. 

A post Games study will be undertaken when it will be possible to assess factors not easily quantifiable at this stage.

These include:

•  The benefits of business networking and trade investment and promotion around the Games;
• Activities to promote export of major events capability;
• Expenditure associated with various Games driven events such as conferences and test events;
• The full value and impact of international television rights on Australia’s business and tourism industry;
• Improved sporting infrastructure leading to post Games benefits, such as the 2007 FINA World Swimming Championships; and
• Social and environmental impacts.

Victoria is expecting over 40,000 international visitors and 50,000 interstate visitors to attend the Games, with tourism expenditure forecast to be in excess of $250 million.

The XVIII Commonwealth Games will be held from 15 – 26 March 2006 and will bring together 4,500 athletes from 71 nations.

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