The new five-year deal ensuring Melbourne will host a Formula 1 race until 2020 is great news for Australia’s tourism industry and helps to maintain Melbourne’s position as a global sporting capital, according to peak national industry body, Tourism & Transport Forum.
TTF Acting Chief Executive Officer Trent Zimmerman said the Grand Prix delivers significant benefits for Melbourne and Victoria.
“The Formula 1 Grand Prix gives people a reason to travel, with many guests extending their stay and participating in other activities as well,” Mr Zimmerman said.
“The Grand Prix is an iconic event for the city and each year attracts tens of thousands of additional visitors from interstate and overseas.
“These visitors stay in hotels, eat in restaurants, go shopping, visit attractions and spend money on a range of other goods and services.
“Many will take additional trips to regional destinations around the state, helping to support the jobs of 200,000 people who work in tourism across Victoria.
“Major events such as this also add to a city’s brand and the Formula 1 Grand Prix is central to Melbourne’s reputation as a sporting and major events capital.
“The Grand Prix also attracts a global audience in the hundreds of millions and therefore represents an outstanding opportunity to promote Melbourne, Victoria and Australia in key markets around the world.
“It also delivers between $70 and $80 million a year in total economic benefits for Victoria.
“Congratulations to the Victorian Government on securing this global event for a further five years and keeping Melbourne and Australia in the international spotlight.”