BECO107 Business Economics | Report
Added on 2020-02-19
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BUSINESS ECONOMICS 1Assessment 4 – Individual Report Student’s NameCourse IDUniversityDate
BUSINESS ECONOMICS 2Table of ContentsIntroduction......................................................................................................................................3Brief Description of the event..........................................................................................................3Economic benefit to Gold Coast......................................................................................................4Economic Cost to be incurred by Gold Coast.................................................................................6Cost-benefit analysis........................................................................................................................8Conclusion.......................................................................................................................................9References......................................................................................................................................11
BUSINESS ECONOMICS 3IntroductionIn the reported study, the economic benefits and costs associated with the City of Gold Coast hosting the Commonwealth Game 2018 in Australia have been discussed. Precisely, the 11-day long international mega sports event is claimed to be the largest sporting event in Australia in this decade (Beattie, 2016). Without a doubt, the spectacular sports event to be held in the city of Gold Coast, Queensland will create a substantial impact on the economic side of Gold Coast both in a negative as well as positive way. The report has been aimed to deliver a brief description of the international sporting event. Furthermore, the reported study will deliberately focus on the economic benefits such as employment, social growth opportunities, and increased tourism business in the City of Gold Coast due to the mega event. In addition, the incurred economic costs i.e. negative externalities to be faced by the City of Gold Coast due to the event have also been discussed providing evidence. Lastly, an analysis has been presented to identify whether the economic benefits outweigh the economic costs or vice-versa considering supporting reasons. Meanwhile, by understanding the cost-benefit analysis of the mega event in the City of Gold Coast, the influenceof the CG 2018 on the economy of the city can be determined. Brief Description of the eventThe Commonwealth Game 2018 will be hosted by the City of Gold Coast, Brisbane, Townsville, and Cairns starting from April 4, 2018. Evidently, the twenty-first CG 2018 will be the largest multi-sport event in Australia (Business.qld.gov.au, 2017). In the meanwhile, for the first time, the country is going to host the mega event in a regional city. Such world-class
BUSINESS ECONOMICS 4sporting event partnering the Government of Australia, Gold Coast City, Queensland Government, and the Gold Coast Commonwealth Games Corporation will be organised for the first time in the country in the current decade. However, the large-scale Gold Coast 2018 Commonwealth Game will offer once-in-a-generation opportunities to the social population living in the target area. According to the estimated statistics, the Gold Coast 2018 Commonwealth Game will be visited by around 100,000 visitors coming from all across the globe including domestic spectators. Apart from the visiting population, 6,600 athletes and officials for international teamscoming from 70 nations will attend the mega event. Precisely, to volunteer the spectacular mega event, over 15,000 sports volunteers will be recruited (Bell, 2015). Worldwide the CG2018 will be viewed by 1.5 million TV audiences whereas the event will attract 1.5 million sport-loving spectators in the venues of the event. Since 2006, Australia has never experienced such an international mega-event hosting athletes coming from 70 countries. Clearly, the infrastructure provided to the sportsmen in the games village must be a focal point. Hence, the trade partners ofthe event will be expected to invest massive capital for successfully completing the multi-sport event.Economic benefit to Gold CoastIn terms of economic benefits, the Gold Coast 2018 Commonwealth Games has already brought significant economic benefits to the target region. Due to the mega-event, the City of Gold Coast has already signed a contract with the Papua New Guinea Government that will increase the trade of the region with the country. Evidently, such foreign partnership will foster significant economic growth in the upcoming years. In order to accommodate the visiting team
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