A $12 million investment fund spent on bringing major events and exhibitions to Canberra over more than a decade has helped contribute to a $1 billion return for the capital.
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The ACT government said its major event fund had supported more than 45 events and exhibitions since 2011, many held at national institutions.
The events had attracted more than 5.2 million attendees, with about 60 per cent coming from interstate or overseas.
"Cooperative investment in major exhibitions at our national cultural institutions has been a major contributor to the success of the major event fund, while also helping to promote and showcase iconic collections and experiences within these institutions," the ACT government told a federal parliamentary inquiry.
Chief Minister Andrew Barr said the fund had also supported Summernats and major theatre productions, with the soon-to-open musical Come From Away the latest recipient of funding.
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"The major event fund has proven Canberra has a particular strength in attracting and hosting high quality events, in particular cultural events. Many of these events run over several months attracting significant visitation from interstate," Mr Barr said in a statement.
"Events are proven drivers of visitation and through this fund we've delivered a significant return on investment to the Canberra community through direct economic impact."
Mr Barr said a revamped Canberra Theatre Centre would make it easier for the ACT to attract future quality cultural performances to the capital.
"With increased capacity, we'll also be able to bring more visitors to town to experience them," he said.
The economic contribution of events is calculated based on the amount spent in Canberra by people who came to the city specifically to see the event; the information is collected through third-party surveys.
Promoters and event organisers who receive funding are required to complete a detailed event evaluation, which includes an economic impact assessment.
Applications for event funding are assessed on economic benefit, marketing impact, social and community benefit and whether the organiser has the capacity to deliver the event, guidelines for the fund said.
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Jasper Lindell
Jasper Lindell joined The Canberra Times in 2018. He is a Legislative Assembly reporter, covering ACT politics and government. He also writes about development, transport, heritage, local history, literature and the arts, as well as contributing to the Times' Panorama magazine. He was previously a Sunday Canberra Times reporter.
Jasper Lindell joined The Canberra Times in 2018. He is a Legislative Assembly reporter, covering ACT politics and government. He also writes about development, transport, heritage, local history, literature and the arts, as well as contributing to the Times' Panorama magazine. He was previously a Sunday Canberra Times reporter.
