WINNING the 2000 Olympics would boost the Australian economy by more than A$7 billion (about HK$37.4 billion), with more than half of that benefit going to the host city, Sydney, an economic impact study has found. The economic boost was calculated over 14 years, 1991 to 2004, and the report said about 156,000 jobs a year would be created during that period, with most concentrated between 1998 and 2000. The report was prepared by consultants KPMG Peat Marwick, on instructions from the Sydney Olympics 2000 committee which is overseeing the Sydney bid. The report was released by New South Wales Premier John Fahey, who said: ''The Olympics is not some economic panacea. But there can be no dispute that the Games will help lift the economy.'' The report said the least the Games would contribute to the Australian economy was a net $6.3 billion, but $7.3 billion was more likely, with $3.5 billion of that benefiting Sydney. But it would not be in Sydney alone that jobs were created: ''Over 66,000 annual jobs will be created outside of New South Wales, in places such as Adelaide - servicing the increased demand for manufactured goods - or in Queensland, as international visitors here to see the Games take the opportunity also to see the Great Barrier Reef,'' the report said. But it did not measure long-term benefits of the Games in dollars. Their most important legacy would be the range of international standard sporting facilities and spin-offs such as tourism and business development, it said. And it warned there would be costs in operating the sporting facilities after the games, plus environmental pressures from increased tourism. ''On balance, given the number of benefits and their nature, we consider that the advantages of holding the Olympic Games in Sydney in 2000 are much greater than any envisaged disadvantages,'' the consultants said. Qantas is tipped to be a major beneficiary, with the increase in international visitors and demand for international airline services translating into an increase in Qantas revenue of between $787 million and $1.41 billion from 1994 to 2004. The report concluded that the publicity generated by the Games would increase Australia's and Sydney's international exposure, give Sydney a higher profile as a place to do business, and increase Australian national pride.
