Strength to strength for Supercheap Auto Bathurst 1000
The economy of NSW is $55 million better offthanks to the impact generated by the Supercheap Auto Bathurst 1000 and thatfigure continues to grow according to a recent study from the Western ResearchInstitute (WRI).
The 2012Supercheap Auto Bathurst 1000 Economic Impact Report was commissioned byBathurst Regional Council to provide an accurate and current picture of thevalue the event brings into the NSW, Central West region and Bathurst economies.
The study found the popular V8 motorsportevent at Mount Panorama generated 17% of the net inflowof money to NSW derived from 56 major events and festivals held between July2011 and April 2012. This compares to the economic impact of other major eventsaround Australiaincluded in the study such as the Australian Grand Prix which brings in around$39 million to the Victorian economy.
V8 motor racing fans are having a more thanpositive impact on the Bathursteconomy with the latest figures from the Western Research Institute (WRI)showing they are spending 27% more than they did at the annual October event, fiveyears ago.
A broad cross section of participantsincluding spectators, teams, the event promoter, contractors, media andsuppliers, spent in total $25 million in 2012 an increase of 18.7% on the $21.8million they injected into the local economy in 2008.
The analysis for the study was made on estimatesin terms of dollar value added, contribution to household income and impact onemployment to the Bathurst,Central West and NSW economies. A total of 828 visitors surveys were completedfor the study along with a competitor survey and data gathered from the eventpromoter, police and Bathurst Visitor Information Centre.
The event brings in a full time equivalent of255 jobs to the Bathursteconomy, with the majority of these in the hospitality sector where the eventcreates 97 positions and generates $6 million in value.
Bathurst Mayor Cr Monica Morse said it wasencouraging that the overall impact of this major event to Bathurst was still so positive.
An event like the Bathurst 1000 requires a significantinvestment from business and government but what this research shows is thatthe return on that investment can be very rewarding for all involved.
“We know crowd figures in recent years havebeen growing and this has been great for the event and for Bathurst but it is great to be able to showin dollar terms just what a significant impact this event has on the local andState economy.
“To know that local families are better offbecause of the income and employment generated by this iconic event is a greatboost to Council and its vision to see the community continue to grow andprosper.”
CEOof the Western Research Institute Dr Andrew Johnson said the economic analysisfor the 2012 Supercheap Auto Bathurst 1000 built on data collected fromprevious events allowing for detailed comparison.
“Oneof the most interesting facts to support the strength of this event to thelocal state and regional economies was that despite sluggish economicconditions and a lower per capita spend there was still an increase in overallspending at the event from $16 million in 2008 to just over $20 million in2012.
“Theeconomic impact was calculated using an output-input table constructed for theBathurst Central West and NSW economies and estimates on how the economieswould be expected to change given the additional expenditure brought in byparticipants at the event.”
