The Victorian State Minister for Tourism and Major Events Louise Asher released a report this week on the economic impact of the 2011 Formula 1 Australian Grand Prix.
The Ernst & Young study estimates the 2011 Grand Prix increased Victoria’s real gross state product (GSP) by between $32.04 million and $39.34 million and generated between 351 and 411 full-time equivalent jobs. A separate report by Comperio Research into the branding value of the 2009 Grand Prix estimated that it provided a media or advertising equivalent value of over $35.6 million to Victoria.
“The extensive global press coverage generated by the event will help to generate future tourism and investment opportunities for the state. The Coalition Government has a strong commitment to major events contributing to the vibrancy and livability of Victoria and assisting to drive tourism, investment attraction, infrastructure use and community pride throughout the year,” said Ms Asher.
Victoria’s major events strategy delivers an economic impact of approximately $1.4 billion for Victoria each year, with Melbourne under contract to host the Formula 1 Australian Grand Prix until 2015.