the sydney 2000 olympic and paralympic games - Australian Sports ...

PART FIVE : THE SYDNEY 2000 LEGACY
5.1 Business and Economic Benefits
In addition to the Games-specific sport and cultural objectives and the related environmental and legacy
objectives, the NSW Government committed to an extensive program of business development and
investment attraction in order to leverage from the Games and bring investment, export dollars and jobs for
the benefit of the people of Sydney, NSW and Australia. This activity included:
• Promoting Sydney and NSW as attractive investment destinations, especially for regional
headquarters of multinational corporations.
• Promoting Sydney and NSW as tourism and convention destinations.
• Working with Commonwealth Government departments and private sector sponsors to raise the
profile of Sydney, NSW and Australia.
An Economic Impact Study published in 1999 5 estimated that the Sydney Olympics would generate $6.5
billion in economic activity over a 12 year period. This increase in economic activity would be driven by
Olympic-related spending including government spending on venues and infrastructure construction,
Games operations and support as well as tourist and Games visitor spending.
Subsequent to the Games, a number of studies have been undertaken which examine the nature and
extent of business and economic benefits of the Sydney 2000 Games. The NSW Department of State and
Regional Development has commissioned a study, conducted by PricewaterhouseCoopers (PWC) with
that specific objective. This study has identified strong evidence supporting the following substantial
benefits to Sydney, NSW and Australia:
• $3 billion in business outcomes, including $600 million in new business investment, $288 million in
new business under the State Government’s Australian Technology Showcase Initiative and almost $2
billion in post-Games infrastructure developments.
• More than $1.2 billion worth of convention business for NSW between 1993 and 2007.
• International media exposure valued at $6.1 billion.
The PWC report observed that the NSW Government played a pivotal role in delivering many of these
benefits, and committed to an unprecedented program of business development and investment
attraction to leverage from the Games and their global audience. This program sought to bring in
investment and create employment. In addition, the NSW Government delivered the Games with an
extensive level of public/private sector cooperation by a highly effective network of State, Commonwealth
and corporate entities.
In addition the PWC report highlighted the following benefits:
• The NSW Government initiated or participated in a wide range of business development and
investment attraction programs linked to the Sydney 2000 Games, including:
Investment 2000, a government / private sector investment attraction program, which produced
45 investments, $520 million in inward investment and 1,150 jobs.
The Australian Technology Showcase, which highlighted 270 innovative Australian companies
and contributed to $288 million in new sales, investments and exports to December 2001.
5
"Economic Impact Study of the Sydney 2000 Olympic Games", Arthur Andersen and Centre for Regional Economic Analysis,
University of Tasmania, January 1999.