do as you/we will world
overall,no say in most/many matters
evident by last few years
tuff shit
us current adult subhumans,uncaring for our future yoiunger generations huh
Will the Brisbane Olympics bring Australia economic gold?
AU Edition | 24 July 2021
Academic rigour, journalistic flair
In the leadup to the Sydney Olympics in 2000, the consulting firm KPMG predicted a $7 billion boost to the national economy.
Whether or not it was delivered, national economic growth plummeted after the games, only partially recovering a few years later. NSW growth didn’t even partially recover for a decade.
But, as David Rowe
points out in his cautious examination of the likely impact of the Brisbane Olympics in 2032, Sydney at least put on a great party.
KPMG has also examined the likely economic benefit from the Brisbane games. They came up with $8 billion for Queensland and $17.6 billion for the nation, a good chunk of which are what it calls “intangible benefits” — things such as community spirit, civic pride, increased physical activity and volunteering, and better mental health.
It’d be worth having if it materialises, and if we can ever tell. But Rowe makes the point that there’s another intangible in play — a bid to reposition Brisbane as a global city alongside the Olympic cities of Sydney and Melbourne.
And it mightn’t come cheap. An Oxford University study found Sydney overran its budget by 90%. On average games have overrun their budgets by 213%.
Elsewhere in the world, the costs to communities in host nations
have also been significant. Young people and local businesses found themselves evicted due to the London Olympics in 2012, elderly Shinjuku residents lost their homes ahead of this year’s Tokyo Olympics, and there are already protests against the Los Angeles games scheduled for 2028.
Premier Annastacia Palaszczuk might be celebrating a win for now, but it’s unlikely to be smooth sailing to the Olympic finish line.
Peter Martin
Section Editor, Business and Economy
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