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Economics Applied In Business | Commonwealth Games

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Added on  2020-02-24

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Economics Applied In Business | Commonwealth Games_1
Economics Applied In Business2The commonwealth games of the year 2018, officially introduced to us as XXICommonwealth games refers to an international combined sports event for the member states of thecommon wealth, and the event is expected to take place in Gold Coast, Queensland, Australiabetween 4th and 15th of April 2018.The gold coast 2018 Commonwealth games is the biggest eventfor sporting that will be seen by Australia in this decade and presumably the biggest that Australiahas ever seen in history. A variety of activities will take place including sports, arts and culturalevents in the country and across the state with the inclusion of Cairns, Brisbane, and Townsville. Thetotal attendance in these activities is approximately 1.5 million spectators, and it will be watched viathe TV by an approximate of 1.5 billion people. This event is expected to give attraction to more than100 thousand visitors and also 6,600 athletes together with the team officials, the 70 membercountries and other territories. An approximate of 15,000 volunteers are expected to mark this eventmemorable to them (Chappelet, 2012, pg. 99).The number of visitors who will be in the city isexpected to be about five times more than that which come for the supercars and 606 times that ofthose who come for the blue beach Festivals (Byrne, 2014, pg. 77).Economic benefits that are expected to be realized in Gold coast after the commonwealthgames in 2018 are numerous. About eight hundred workers are being recruited, and the tickets arealso being issued for the event that will take place in Australia. The 2018 Commonwealth gameswill, without doubts bring about a variety of benefits to the coastal strip and also the field. The CEOof the games reported that the games are expected to give an excessive profit of $2 billion in thatcountry(Byrne, 2014, pg. 128).The economic and social gains are supposed to go beyond the latterconsidering the indirect expenditure like the extension of the Gold Coast Light Rail Stage which issupposed to plough back $ 420 million, the upgrade of roads scheduled to give a profit of about $160.7 million, the development of the infrastructure and the other known diversifiers of the economyincluding Health and Carrera development. The event will lead to the development ofCommonwealth inspired projects in the areas of their sustainability and good accessibility. The right
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Economics Applied In Business3engagement will finally build the reputation or else the real name of the city of Gold Coast shortly(Mules, 2013 pg. 94).The tourism sector will also have benefits from this in that these games are expected toinspire the interstate and international holidaymakers to make their visit to Queensland as the gamesgo on or even after the games and give an exploration of what the state has to offer out to them. Theexpansion of the health and knowledge sector will create thousands of jobs in the health sector, theeducation and service ministries which will lead to the diversification of the economy of the regionresulting to the reduction in reliance on the tourism industry (Byrne, 2014, pg. 98).On the other side,there are the costs that are to be incurred by Gold Coast. Reports show that there is nothing tocelebrate. The people of the Queensland will run at the cost of approximately $300,000 per athletefor hosting the commonwealth games of the year 2018.An approximate of 65,000 athletes will be inthe competition, and this is budgeted to cost the country about $ 2 billion. The taxpayers are meant topay the flying expenses for the athletes together with their officials from every corner of the worldwhere the countries involved are member states of the Commonwealth to Gold Coast, give them foodfor the twelve days stay in the country, accommodate them and also provide them with security,transport and medical services (Chappelet, 2012, pg. 159).The successful bid that was placed lastyear envisaged that the games would cost about $1.075 billion for them to run in addition to some $917 million which will be spent on capital investment which includes the games village and thesporting facilities. In addition to the $ 11 million on the bid placed, there was the allocation of $ 9.17million by the former Bling government toward the preparation for the event. The 2017/2018financial year is forecasted to set aside an approximate of $ 51.3 million to cater for the games hencegiving rise to $ 205 million by the fiscal year 2014/2015 and almost 600 million by the fiscal year2017/2018 (Wicker& Sotiriadou, 2013 pg. 156).Generally, the state is expected to pump in $ 1.12 billion for it to stage the event whereby thisamount is about or else the same as the Gold Coast's biggest project ever in infrastructure when put
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