A $30million windfall flowed through Newcastle's economy last year, generated by the inaugural Supercars Australia Newcastle 500.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
An independent report from the Hunter Research Foundation Centre (HRFC), based on analysis of mobile phone data, banking records and business transactions, found the maiden race strengthened the city's capacity to host major events and generated an estimated $30.1million in gross revenue.
This report confirms what many Novocastrians already knew: the inaugural Newcastle 500 was an outright economic success for the city. Economic benefits include:
- $8.94 million in direct visitor expenditure
- $9.71 million in flow-on effects
- $4.97 million in direct local expenditure by Supercars
- $6.5 million in flow-on effects of Supercars local spending
The analysis does not include economic benefits in neighbouring areas including Port Stephens, Lake Macquarie, Maitland and Cessnock.
Almost 83,000 visitors enjoyed themselves in Newcastle East and Cooks Hill over the three days, combined with local attendees for a total of 192,000 people.
We wanted to host the event to boost the city's economy, promote Newcastle to the world and celebrate Novocastrian pride, and this report provides an emphatic endorsement of that decision.
