AUSTRALIA | Melbourne has been at the forefront of a week of flagship events, strongly supporting local hospitality businesses.
Last week, Melbourne played host to an entertainment and excitement bonanza, with the trifecta of the Melbourne Cup carnival, Oasis and Metallica concerts driving a once-in-a-decade boom for local businesses.
An extra AUD 110 million was expected to be pumped into the Melbourne city economy directly from the event triple header as tens of thousands of racegoers and concert fans flock to restaurants, bars and hotels, according to NAB analysis.
It kicks off with British rockers Oasis launching their Australian tour on Friday, 31 October, with the first of three concerts, followed by the four-day Melbourne Cup carnival and wraps up with metal icons Metallica playing their only Melbourne show on Saturday, 8 November.
NAB Executive Business Metro & Specialised Julie Rynski said the bumper week reinforced Melbourne's status as Australia's event capital.
"This is expected to be the biggest week and a bit of the year for Melbourne's economy," Rynski said.
"Events are part of Melbourne's DNA, but three major events in just over a week is extraordinary and will supercharge business activity. The iconic Cup carnival and world class concerts aren't just cultural highlights - they're economic powerhouses, which we estimate will drive at least an AUD 110 million boost for the local economy and increase weekly spend by 70 percent."
Rynski said more than 100,000 people flocked throughout the city and its surrounds on each of the two Saturdays and on Cup Day, which will create a surge in demand for hospitality, retail and accommodation.
"That means packed restaurants, busy hotels and millions of dollars flowing into local businesses," she said.
There were also flow-on benefits, including more shifts for casual staff, more orders for suppliers, and a boost in confidence across the sector.
"Small businesses across the country are feeling positive. They're investing, hiring and planning to grow. We continue to stand behind the ambitions of our customers."
Founder and CEO of Urban Alley Brewery, Dean Grant, said the Docklands-based independent craft brewery, which has just opened its new AUD 7 million brewpub experience at Chadstone, ramped up for a huge week of revelry.
"As soon as we realised there were so many major events happening back-to-back, we got organised to ensure we had the right team in place and we were well covered by our suppliers on the food and beverage front," Grant said.
"Taylor Swift and Harry Styles brought an amazing mix of buzz and benefits for businesses like ours. We expect this to be just as big, if not bigger.
"The timing couldn't be better. With daylight savings kicking in, it really feels like the unofficial start of summer.”
Grant said he was busy from mid-morning right through to closing as people made a day of it and soaked up the atmosphere.
This unique major event trifecta joins a stellar lineup of major Melbourne events, including the Australian Open, AFL finals series, and Formula 1 Grand Prix, which have collectively contributed more than AUD 1 billion to Victoria's economy this year.
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