Geoffrey Harris•25 Nov 2014
NEWS
MOTORSPORT: CAMS claims $2.7 billion impact
A report by Ernst & Young finds huge economic benefits from the motorsport industry and will be a platform in lobbying for more federal fundingThe Confederation of Australian Motor Sport has claimed that four-wheeled motor racing and the associated industry is worth $2.7 billion to the Australian economy.
It says that motorsport events account for $800 million of that amount – or about 30 per cent.
The figures are contained in a report prepared for CAMS by professional services giant Ernst & Young.
The report was commissioned last year out of CAMS' concern at what it saw as it getting less than its appropriate share of federal government funding compared with other sports bodies. CAMS receives only a couple of hundred thousand dollars a year in federal grants.
"We wanted to know what the total impact of the industry is so we can better advocate on behalf of clubs, venues, members and the industry," CAMS president Andrew Papadopoulos said.
"CAMS is the administrator, developer, promoter and regulator of four-wheeled motor sport in Australia and we felt it was time to finally confirm our long-held belief about just how much motor sport matters financially."
A summary of the report is contained here and a video featuring Australia's latest Formula One star Daniel Ricciardo, V8 Supercar legend Mark Skaife, 1980 world champion Alan Jones and Federation Internationale de l'Automobile Federation president Jean Todt has been produced to promote the CAMS cause.
Ernst & Young found that $1.2 billion of the $2.7 billion it said motorsport generated last year was "in direct value add" and that the industry was directly responsible for 16,181 jobs.
Of the $800 million it claimed motor sport events to be worth to the economy, it said that half was in added value with 4888 jobs.
"The figures are extremely impressive," Papadopoulos said.
"We knew there was a big industry behind motor sport – we just couldn't put a figure on it. But now we can and the results are outstanding.
"This report will provide a compelling case about the significance of motor sport to this country, both as a sport and as an industry."
FIA president Todt said the report would "make a strong contribution by increasing awareness" of motorsport's economic benefits.
Picture courtesy of J. H. Sohn/Wikimedia Commons
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Written byGeoffrey Harris
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