Revving up Victoria

8 April 2022

Motorsport fast-tracks prosperity

The F1® cars hit Albert Park’s bitumen today, kicking off the 2022 Formula 1® Heineken® Australian Grand Prix after a two-year drought. The racing promises to be fantastic and, along with the other on and off-track activities, this makes for an unmissable weekend.

But what does Formula 1® do for us in return? A lot.

I’m aware Formula 1® teams are not Australian and are based overseas, but when the Grand Prix arrives every autumn the crews, media, and officials – along with interstate and overseas visitors – book thousands of hotel rooms, purchase endless meals, and hail lots of taxis. The benefit flows on and on.

And, oh, do we need it!

According to the Victorian State Government, the event creates 4700 full-time equivalent jobs and generates economic benefit to Victoria of over $1.8 billion. In 2019, 324,000 spectators attended the race and millions more watched it on TV, so the promotion it delivers Melbourne is unbeatable.

More broadly, Motorsport Australia, formally CAMS, released research by Ernst & Young in 2014 – the most recent available – that claimed four-wheel motorsport (not motorcycles) contributes $2.7 billion to Australia’s economy each year and the industry creates over 16,000 jobs. That’s a big deal and something worth keeping.

Like with many things, there’s a story behind the story and, with the Formula 1® Heineken® Australian Grand Prix, there’s more on offer than just one of the world’s greatest sporting spectacles. There are precious jobs and lots of money at stake too.

So, I’ll be at Albert Park for the big race. Will you?

Words: VACC CEO, Geoff Gwilym.

Share your thoughts! E: ceo@vacc.com.au. As featured in the Herald Sun Friday 8 April 2022.