The Economy of Sydney Olympic Games
--The benefits to Australian Economy
Sydney Olympic Games was called “the most profitable Olympic
Games” and “the most successful Olympic Games”. It was held in
2000, even though it just lasted 16 days, it brought many huge benefits, especially the economy.
For the whole Australia, the Olympic Games had effects on tourism, industry, agriculture and so on. Totally, it brought 880million dollar for Tourism; Australia got 8.8 billion dollar from overseas; the form who organized Olympic Games got the profits about 765 million dollar directly; since then, the chances for people to get a job are increasing; the income increased more than 5billion; Australia was creative about 6.5 billion dollar by the business activities; and it increased 2.7 billion dollar for exporting.
Table 1: Economy Wide Impact of the Sydney Olympics - Central Scenario, Annual Average by Period
Gross Domestic Real Household Employment
Product Consumption ('000 annual jobs)
Pre-Games, NSW 750 350 10.1 A
94/95-99/00 Aust 775 275 11.1
Games year, NSW 1,700 350 24.0 B
2000/01 Aust 1,550 525 29.4
Post-Games, NSW 400 375 3.0 C
01/02-05/06 Aust 425 650 0.4
From this table, we can see that the economy kept increasing from 1994-2000. The economy was increased slowly during 1994-1999, and also increased slowly from 2001-2006, even decreasing. But in 2000, the Olympic Games year, the economy went up rapidly. For the gross of Domestic Product in Australia, the profit from A to B is 775 million, it means B is as twice as A; B to C, it is -1125, compared A with C, C is even less than A. For Real Household Consumption, it shows us that the quality of the Australians improved: A-B, it increased 50 million; B-C, it raised 125 million. It means after Sydney Olympic Games, the qualities of people’s life keep improving. The employment’s probability is very high
in 2000. Either the probability of getting job, before Olympic Games or after Olympic Games were both lower than that in 2000. Therefore, we can realize some information from this table : the Olympic Games is good of the local economy, it can help the local people to get more chances to get a job, and it help people to improve the quality of their
Sydney Olympic Games let more people know more about Australia, so there are lots of people came to Australia. The economy was brought along, such as: more tourists would like to visit Australia; more businessmen/businesswomen would like to invest to Australian companies; more goods from Australia; more people come to Australia to study and so on. Thus, by these reasons, the economy was brought up, especially in 2000.
In my opinion, to hold Olympic Games is a good thing, and it is good for the local business, many things can be changed, the local people can earn money. There are so many benefits we can get from Olympic Games. In my mind, as long as a country has the chance, they should try to hold Olympic Games, for the country, for the citizens, for the country, for the business. To hold a Olympic Games, to get more wealthy things..
I) the dollar here is USA dollar.
II) the table (a) is from http://www.treasury.nsw.gov.au/