Carr hails the gold, gold, gold of being Olympic host: [1 Edition]
Stapleton, John. The Australian [Canberra, A.C.T] 11 Feb 2002: 7.
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Abstract
NSW reaped substantial economic rewards from the Olympics, Premier Bob Carr claimed yesterday at the release of preliminary findings of a study by PricewaterhouseCoopers.
Mr Carr identified several companies which had gained international reputations for their work at the Olympics. They included Croker Oars of Taree, a rowing equipment manufacturer which now has 25 per cent of the world market. Sydney-based Fairlight ESP, which developed the audio system for the Games, has been contracted by the American NBC TV network for the next three Olympics.
Full Text
NSW reaped substantial economic rewards from the Olympics, Premier Bob Carr claimed yesterday at the release of preliminary findings of a study by PricewaterhouseCoopers.
The accountants’ findings, published to coincide with the beginning of the 2002 Winter Olympics in Salt Lake City, support the view that the Games provided substantial benefits to Sydney, NSW and Australia.
The study found that there were $3 billion in business outcomes, including $600 million in new business investment, $288 million in new business under thestate’s technology programs and $2 billion in infrastructure developments.
There was also international media exposure valued at $6.1 billion and more than $1.2 billion in convention business.
The PricewaterhouseCoopers study found that while overall infrastructure investment for the 2000 Olympics was greater than Los Angeles and Atlanta, when SOCOG revenues were counted, the total economic stimulus from the Sydney Games was still among the highest for recent Games.
Mr Carr said he was pleased with the continuing economic benefits of the Games. He said when Sydney first won the Olympics he was worried it could become a financial disaster.
“I have been relieved for some time that we never faced a post- Olympic downturn,” Mr Carr said. “This is investment that will continue to underpin jobs and attract further investment for years.”
Mr Carr identified several companies which had gained international reputations for their work at the Olympics. They included Croker Oars of Taree, a rowing equipment manufacturer which now has 25 per cent of the world market. Sydney-based Fairlight ESP, which developed the audio system for the Games, has been contracted by the American NBC TV network for the next three Olympics.
Next month, former SOCOG head Sandy Hollway will participate in a state government-arranged business mission of more than 20 NSW companies to Shanghai and Beijing.
Illustration
Caption: Relieved: Mr Carr; Photo: Photo