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Latrobe’s Spring Racing Carnival generates economic successA report prepared by IER Pty Ltd has been released highlighting the economic and social benefits generated within Latrobe City as a result of the 2003 Latrobe Spring Racing Carnival – The Power of Racing. By Latrobe City Council - 6th February 2004 - Back to News Latrobe City Mayor, Councillor Graeme Middlemiss said that the report revealed the Gross Economic Benefit generated by all spending at the nine events in the carnival was estimated at $8.9million.
The figure was based on the reported $4.73 million in direct spending at the events, and a further reported $4.23 million that is put back into the local economy in a second and third round of spending. According to the report the Carnival also generated more than $1.3million in new money for Latrobe’s economy.
A total of 600 on-site personal surveys were obtained by IER from visitors to each of the nine events in the Carnival.
The nine events were The Bull Riders Rodeo and Truckin’ with Tim, Churchill; The Moe Cup and Moe Cup Day 3-Hour Sale, Moe; Victorian Hillclimb Championships, Morwell; Derby Day – Ladies Day, Traralgon; Festival of Roses, Glengarry; Dual Code Meeting, Traralgon; 13th Annual Church Street Fiesta, Morwell; Golden City Power Karting Championships, Morwell.
The surveys provided information on visitor demographics and spending patterns over the variety of events and by using regional multipliers.
The report also showed an increase in employment opportunities during the time of the Carnival. It reported that an equivalent of 90 full time jobs were created or maintained as a result of the Carnival and 29 full time equivalent jobs were created through the spending by non-local visitors to the region.
In terms of numbers of people coming to the events, the report shows that 20,000 visitors, 23% of whom were from outside the region, attended the nine events in the Carnival. There were at least 45 overseas visitors who spent about $10,000 in the local economy and more than 4,000 visitors from other areas of Victoria spent more than $1.2million.
"This is money that would not have otherwise have been spent had it not been for the Carnival. This can only be good news for Latrobe City. Not only do we benefit from the fun and excitement of holding these events, but we reap the financial benefits too," Cr Middlemiss concluded.
Source: www.gippsland.com Published by: news@gippsland.com
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