Tall tales on stadium don’t change reality of economic dud

Tasmanian Labor

Jeremy Rockliff is continuing to try to hoodwink Tasmanians on his reckless $1 billion Hobart stadium despite his own analysis showing the proposal is a dud.

In an article in The Advocate newspaper today, Mr Rockliff continues to claim the stadium is key to Tasmania’s economy when the reality is the full cost-benefit analysis proves it does not stack up financially or economically.

The analysis shows the total payroll tax returns to the Government from the project and associated economic activity will be just $300,000 per year – barely one per cent of the amount taxpayers will have to fork out just for the interest payments on the stadium debt.

The reality is a new stadium would be a $306 million albatross around the state’s neck, even before taking into account interest repayments on the debt, which we know will be over $400 million.

As the analysis itself says, “the economic costs… outweigh the economic benefits.”

The analysis makes clear that construction costs ($700 million), maintenance costs ($50 million) and interest payments (over $400 million) will dwarf the projected financial returns to the Government of just $115 million over 20 years.

The Premier should be embarrassed by these findings but, instead, he keeps pushing the line that the stadium will be good for the economy.

Mr Rockliff is also treating Tasmanians with contempt by referring to the proposal as the ‘Macquarie Point renewal project’ as if people won’t know he’s talking about his stadium.

Tasmanians deserve honesty and transparency and real action to address the health, housing and cost of living crisis, not a Premier who pretends his dud project will be the answer.

Shane Broad MP

Shadow Treasurer

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