Westpac predicts strong economic boost as Queensland wins 2032 Olympic Games
21 July 2021
Westpac has today welcomed news that Queensland has been successful in its bid to host the 2032 Olympic Summer Games, which for the first time will be held across multiple cities.
Westpac CEO Peter King said that hosting an Olympic Games is a major achievement that will bring lasting positive economic and social impacts for the state and nation.
“Congratulations to the Queensland Premier, Annastacia Palaszczuk, and the Australian Olympic Committee (AOC) for putting forward the winning pitch and bringing the summer Olympics back to Australia.
“This is a big win for Queensland that will have positive impacts for the entire country, as Australia has another opportunity to be showcased on the global stage.
“New investments in infrastructure, including roads and public transport networks, can also be made across larger areas, benefiting more people. We expect tourism will increase across a wider region, which is good news for the Queensland economy,” Mr King said.
Westpac Business Bank Chief Economist, Besa Deda, said the economic boost gained from hosting an Olympic Games is significant.
“In the case of the 2032 Games, it is possible we will see at least $17 billion of economic and social benefits for Australia, with around $8 billion of that flowing into Queensland. The 2000 Sydney Olympic Games were estimated to inject around $6 billion into the Australian economy.
“The 2032 Brisbane Olympic Games will be the first Summer Games to be held across multiple cities, allowing existing infrastructure to be used and reducing costs, which will spread the economic benefits,” Ms Deda said.