It is set to be the final piece of the puzzle in Tasmania's bid for the AFL's 19th licence, but the federal government's massive funding injection for the project may have a deeper impact on how money is spent on major sporting infrastructure.
When the Tasmanian government — led by Premier Jeremy Rockliff — and the AFL — steered by CEO Gillon McLachlan — came hat in hand to the federal government to help Tasmania build big, history suggested their chances were slim.
When it comes to major Australian stadiums, most of the money has historically come from state governments. Outside of commitments made for the 2032 Olympic Games, the proposed federal spend on the Macquarie Point stadium is the biggest single venue spend on record.There may be a good reason that the federal government is stepping in to provide funding in this case.
The projected $741 million price tag places the cost of the Macquarie Point project into the same inflation-adjusted range as the 2012 Adelaide Oval redevelopment, the Docklands construction and the recent knockdown and rebuild of Sydney Football Stadium.It is also far more expensive than the economical build of Brisbane's old workhorse, Lang Park.
The Macquarie Point project's own cost benefit analysis suggests it will not make back the value of the money spent over the foreseeable future, which is common to most infrastructure projects. That nominal break-even value depends on the place actually being used enough. The break-even point is expected to be 44 events a year.
"This is a revitalisation project that will transform this city. This is one that I'm very pleased to support."
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