Brisbane 2032 Olympics boon for retail, with 17.6B economic impact

Wednesday 21 July 2021

The Australian Retailers Association (ARA) has congratulated the Queensland Government, Brisbane City Council and the Australian Olympic Committee on Brisbane’s successful bid for the 2032 Olympics, which is expected to deliver $17.6 billion in social and economic benefits nationally.

ARA CEO Paul Zahra said confirmation of Brisbane as the 2032 Olympic host city is the positive news Australia needs, as more than half the population battles through Covid lockdowns and restrictions.

“This announcement has come at just the right time and is a welcome distraction from all the Covid lockdowns and impacts that are dominating so many lives at the moment,” Mr Zahra said.

“This is not only a fantastic coup for Queensland and Brisbane, but for Australia more broadly with the 2032 Olympics to deliver $17.6 billion in social and economic benefits according to KPMG.

“The benefits for Queensland are expected to be $8.1 billion with nearly 123,000 jobs to be created nationally from the associated investments in infrastructure and event operations.

“The massive boost that will come with international tourists will naturally deliver flow on benefits for retailers and will enhance Brisbane’s profile as an attractive place for businesses to invest and set up shop. We are also likely to see the reinvention of many urban destinations, as we did for the Sydney Olympics, including retail strips and the CBD.

“We won’t have to wait until 2032 for these benefits to flow through. The status that comes with being an Olympic host city will put Brisbane firmly on the international stage and will enhance its ability to attract tourists and major events in the years leading up to and following 2032.

“We all remember how incredible the Sydney Olympics were in 2000 and the legacy it left behind. Brisbane will now get to experience that joy and economic uplift that can only come with hosting the world’s biggest sporting event.”

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