Cancelled or postponed events have cost Geelong at least $103.9 million since June 2020, including $75 million outlined in a report highlighting the devastating impact of COVID-19.
Geelong Major Events Committee’s recently-released annual report estimates nine cancelled events had cost about $40 million in local economic benefits.
The committee compiled the report prior to the recent cancellation of the Australian International Airshow, which in 2019 injected $28.9 million into the local economy
The report lists a further four postponed events costing $35 million, although council hopes to recoup the losses with these events scheduled for 2022.
Seven council-sponsored events that went ahead in 2020-21 generated an estimated $9.2 million in economic activity, a return on investment of 28:1 according to the report.
By comparison, in 2018-19, the last financial year before COVID-19, council-sponsored events injected $99.3 million into the local economy.
In 2020-21 council-sponsored events attracted about 70,000 people, with 54 per cent of those coming from outside greater Geelong.
RONE in Geelong generated record attendances at Geelong Gallery and created an estimated economic impact of almost $4.23 million.
The 2021 Head of the Schoolgirls Regatta injected about $1.45 million into the local economy, while the 2021 Ironman 70.3 Geelong generated an estimated $1.18 million.
Restrictions on international travel forced the cancellation of the Cadel Evans Great Ocean Road Race, the Bay Cycling Classic, Vic Open golf, the Blackball World Championships and Australian Open table tennis.
Organisers also cancelled the Festival of Sails.
“Major events are vitally important to local businesses and they also bring our community together – so we feel their cancellation from both a financial and social perspective,” Geelong mayor Stephanie Asher said.
“Hopefully we are not too far away from our vaccination levels reaching a point where major events can be planned and staged with more certainty.”
