The figures, which sparked fresh concerns about the state’s bid, found the best-case scenario would have delivered an economic dividend of just 60¢ for every $1 spent.
“They always knew it was probably not going to be worth going ahead, but they still did it,” Terrill said. Deputy Premier Jacinta Allan, the former minister for Commonwealth Games delivery, answers questions on Monday.Deducted from the cost was $173 million of state sport infrastructure funding and $161 million from the state’s housing program. Another $173 million from theHayward said that approach was questionable. He said the actual forecast cost would have been about $500 million higher than stated in the business case, which meant breaking even was the best-case scenario.
The analysis also relied on $228 million to $352 million worth of benefits for “avoided health costs and reduced productivity costs from increased physical activity”, and between $46 million and $97 million for “consumer surplus”: when the cost of a product is lower than the consumer is willing to pay. The business case also assumed the Games would bring an extra 1 million tourists to regional Victoria between 2022 and 2030.
Andrews on Saturday said the original analysis represented “strong value for money, more benefits than costs”.The planning document also floated the possibility of turning existing traffic lanes on roads into Games-specific priority lanes for some corridors between Melbourne and Bendigo, Ballarat, Geelong and Gippsland.
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