Revving up Melbourne

31 March 2023

Formula 1® cars hit Albert Park’s bitumen today, kicking off the FORMULA 1 ROLEX AUSTRALIAN GRAND PRIX 2023. The racing promises to be fantastic and, along with the other on and off-track activities (including the VACC President’s Grand Prix™ Supper at Chicane Pavilion), this makes for a weekend well worth supporting.

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

A lot, it seems.

I’m well aware F1® teams are not Australian and aren’t based here, but when the Grand Prix™ arrives every year the crews, media and officials – along with interstate and overseas
visitors – book hundreds of hotel rooms, purchase countless meals and take lots of Ubers.

The benefit flows on and on.

In 2022 the event drew a record crowd of 419,114 across four days – not to mention those watching from the comfort of their own home. About 55 million people around the world tuned in to watch the event, while 154 million followed the race coverage on Formula 1-owned channels.

So, the promotion Melbourne receives is unbeatable.

An economic impact assessment by Ernst & Young showed last year’s race generated a total economic impact of $171 million to the Victorian economy. That’s a big deal and something worth retaining.

Like with most things, there’s a story behind the story, and with the Australian Grand Prix™ there’s a lot more on offer than just one of the world’s greatest sporting spectacles. There are jobs and lots of money at stake too.

There’s no denying the F1® event drives national and international awareness of our home, Melbourne.

So, I’ll be at Albert Park, will you?

Words: VACC CEO Geoff Gwilym. As featured in the Herald Sun on 31 March 2023.