Each major concert in Sydney generates as much as $7 million for the economy and supports thousands of jobs.
However, an outdated rule means that only four concerts are allowed every year at Allianz Stadium and the SCG.
The good news is that things are about to change, with the State Government announcing shifting the ban from four concerts to 20 concerts each year.
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On today’s THIS ARVO IN SYDNEY, host Sacha Barbour Gatt spoke to The Motley Fool’s Chief Investment Officer Scott Phillips to find out what this will mean for the economy, Sydney’s social life, and those living near the stadium.
Phillips said the change would significantly impact nightlife and the economy as numbers suggested that the economic benefits of holding one show at one of those big stadiums would be around $5 million to $7.5 million.
He mentioned that the New South Wales Government spent $800 million renovating the football stadium, Allianz Stadium (known as the SCG Precinct).
These are real economic benefits that can occur to Sydney, particularly because some of these artists wouldn’t come to Australia or wouldn’t play in Sydney. Maybe not as many concerts in Sydney because of the current cap,”
Phillips said.
Speaking of other benefits to Sydney, he also mentioned positive impacts on private and public transport.
Local businesses will also benefit from increased tourism and patronage.
There are going to be hotels that aren’t currently full, Ubers that aren’t currently full, restaurants, cafes that people aren’t currently using the night off, the morning after, transport to and from…This all generates extra activity in the state,”
he added.
Hosted by Sacha Barbour, This Arvo in Sydney is a 10 to 12 minute daily news podcast made just for Sydney! Listen now on the Listnr app.