The Warrnambool economy has received a multi-million dollar boost thanks to the world-class May Racing Carnival.
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This year’s carnival generated $13million, $10.6million of which was spent in Warrnambool an economic impact survey has found.
Of this, $7.2 million represented ‘new money’ generated for Warrnambool.
The survey results were released on Wednesday.
Warrnambool Racing Club (WRC) chief Peter Downs said the carnival was one of Australia’s hallmark country racing events, which the community actively supported.
“We are very proud to be contributing such a strong economic benefit to Warrnambool,” Mr Downs said.
More than 30,500 people attended this year’s event. Of those, 51.1 per cent of people visited from around Victoria and 17.1 per cent hailed from interstate.
About 30 per cent of race-goers were from Warrnambool.
“During carnival week, the benefits of the event are clearly visible, particularly within the retail, hospitality and accommodation sector.”
Mr Downs said the impact continued to flow onto other areas, supporting small business and other industries in the months after the carnival.
“The carnival continues to grow each year and this study is important because it provides a benchmark that will assist us in setting goals and planning for the future.”
WRC funds the May Racing Carnival at a cost of nearly $1.5million annually.
Consultancy firm IER conducted the independent study in conjunction with the Warrnambool City Council.
- See Saturday’s edition of The Standard for a detailed breakdown of how the event contributes to the local economy.