The inaugural precinct-wide social and economic value study said businesses in the precinct had revenues of $880 million, supported 5,800 jobs and its visitors spent $745 million during financial year 2022-23.
This represents a six per cent share – or $822 million – of Australia’s $14 billion sports industry, and nine per cent – $1.3 billion – of the $15.6 billion national live entertainment industry.
The 40 hectare precinct between the Yarra River and the MCG hosts the Australian Open, one of four annual tennis grand slam events, in addition to football, rugby league, rugby union, basketball and netball and is home to 10 national elite sports teams.
It is home to Rod Laver Arena, Margaret Court Arena, John Cain Arena, AAMI Park, CENTREPIECE and Kia Arena, venues that have also hosted some of the city’s largest business events. In 2022-2023, the precinct hosted 135 business events for 100,000 attendees.
Rod Laver Arena also hosts its fair share of concerts.
The trust’s CEO, John Harnden, said M&OP was a beacon of excitement and vitality for Victoria.
“Melbourne & Olympic Parks is a one-of-a-kind destination for live events and is a critical part of what makes Melbourne an attractive place to live, work and play,” he said.
“The diversity of content – whether domestic or international sport, headline entertainment, intimate shows with up-and-coming performers, comedy, or family events – ensures the precinct is a place for everyone to enjoy, while its robust ecosphere supports jobs and delivers downstream benefits to the community.”
Beyond the revenue generated at its venues, the report said its activities contributed to 699,000 bed nights booked, with 210,000 interstate and overseas visitors and 416,000 visitors from regional Victoria. Of the 939,192 fans that attended the Australian Open in 2023, 39 percent travelled from outside of Melbourne – with more than 458,000 bed nights booked during the tournament.
The report said the precinct employed 4,200 direct employees and an additional 1,600 full-time equivalent roles indirectly supported 1,600 sports professionals who work on the precinct including 10 national clubs as well as Tennis Australia and Tennis Victoria.
More than one million hours were worked across the precinct’s casual workforce and its supply chain boosted the local economy through $36.4 million in capital expenditure injected into the Australian economy, mostly spent in Victoria. M&OP spent $90.9 million with 464 Victoria-based businesses, which was in addition to the $375.3 million contribution of the Australian Open to Victoria’s real gross state product.
Harnden said M&OP would continue to expand and elevate the sports and entertainment offerings in the precinct.
“The appetite for live experiences continues to grow – with the precinct set to top 3.7 million visitors this year – and we look forward to continuing to work with our partners to grow the diversity of content and ensure a close relationship with the people of Victoria,” he said.
