Grand Prix economic assessment

Posted on July 12, 2011 · Posted in Blog

Economists at Large have been interested in the Australian Grand Prix at Albert Park for many years.  We did some work for anti-GP group, Save Albert Park, several years ago, our office is nearby and two of us live in the area.  We were very pleased in March when minister for major events, Louise Asher, announced that the new government had “commissioned Ernst and Young to undertake a comprehensive economic impact assessment of the 2011 Australian Formula One Grand Prix.”

Nearly four months later, I thought I’d check up on how the review was going and when we might be able to read it.  I rang on the 5th July, again on the 8th and again today (12th).  After being told several times it would be released as soon as possible, we got down to this:

Rod: So it hasn’t been finished yet, or you’re not releasing it yet?

Minister’s office:  It hasn’t been finished.

Rod: When will it be finished?

Minister’s office: As soon as possible.

Rod:  So the minister sat down with Ernst and Young and said “just get this done as soon as you can, guys!”

Minister’s office: That’s pretty much it.

You’ve got to hand it to Ernst and Young, that’s some damn good client management.  We’ve never had a client give us an indefinite finish date for commissioned work.  Where do we get clients like that?!  They did promise though that it would be released before the next GP, before the end of the year, but wouldn’t be drawn any further than that.