In the wake of significant cuts to its budget, the Geelong Major Events (GME) committee reported this week it reaped an estimated 50-fold economic return on its investments in the region’s events last year.
GME sponsored 18 events through the 12-month period, an expenditure of $1.6 million for an estimated economic benefit of $81.2 million with over 750,000 participants and spectators.
The 2023 Airshow at Avalon ($24m) and the Cadel Evans Great Ocean Road Race ($10.7m) accounted for two-fifths of that benefit, but all 18 events showed a return far outweighing the expenditure.
The $212,000 sponsorship of this year’s Festival of Sails brought an estimated $11.6m to the region, while White Night Geelong, held in October last year, returned over $7m for an investment of $170,000.
On the smaller end of the scale, events like Geelong Gallery’s Clarice Beckett exhibition returned nearly $3m on GME’s $30,000 sponsorship, while the 2022 Victorian Gymnastics Championships stimulated over $2m of economic activity for the same amount.
Despite GME’s financial success last year, it was not immune to the widespread funding cuts in the City’s 2023-24 budget, with its budget allocation reduced by $300,000 and carry-forward funds discontinued.
With ongoing contractual investments of nearly $900,000, the committee warned it only had $55,000 of discretionary funds available for this year.
Deputy mayor and GME chair Anthony Aitken said while the committee might need to petition for more council funding through the year, GME was well-placed to take advantage of state government funding opportunities.
“The Premier in July announced a $150 million regional tourism and events package, (which) included $70m for regional events, $60m for regional tourism infrastructure and $20m for tourism marketing,” Cr Aitken said.
“The GME committee does understand we have a huge opportunity associated with that state government funding. An example is the Geelong Motoring and Industrial Museum; it’s certainly a great tourism opportunity that may be able to get some of that regional tourism fund
“We will work very closely with Visit Victoria and Geelong and Bellarine Tourism to try to see that we maximise the major event opportunities that exist in the Geelong region.”
