Economics of venue selection for special sporting events: With special reference to the 1996 Melbourne grand prix

Venue selection for major sporting attractions can be a highly politicized decision making process. Due to the sometimes controversial nature of venue selection, politicians can be circumspect on related issues including potential economic impacts. This was the case with the Australian Formula 1 Grand Prix held at Albert Park, Melbourne in March 1996. Comments provided by the authorities on matters associated with the venue selection referred to both the opportunity to showcase Melbourne on international and national television due to the proximity of Albert Park to the Melbourne skyline as well as referring to the fact that the Australian Grand Prix had been conducted at Albert Park in the 1950s and therefore the race could be said to be returning home! However, limited details have been made public regarding the financial aspects of the event. A real challenge was to estimate expenditure by the visitor and the indirect economic benefits on regional economies in the absence of formal data. In the aftermath of the event, however, the media amply reported estimated figures for gross economic gains attributable to the Grand Prix. This paper argues that it is possible to use these estimates of gross economic gains, as reported by the media, to derive the direct contribution of this event This paper investigates the comparative benefits of an alternative venue, such as Sandown Park in the Eastern region and concludes that the higher multiplier effects evident in the Melbourne Metropolitan Region ensured that any decision made on economic grounds would favor Albert Park over outlying regions.     

New development: Leveraging ‘big data’ analytics in the public sector

This article examines the opportunities presented by effectively harnessing big data in the public sector context. The article is exploratory and reviews both academic- and practitioner–oriented literature related to big data developments. The findings suggest that big data will have an impact on the future role of public sector organizations in functional areas. However, the author also reveals that there are challenges to be addressed by governments in adopting big data applications. To realize the benefits of big data, policy-makers need to: invest in research; create incentives for private and public sector entities to share data; and set up programmes to develop appropriate skills.