Geelong Arts Centre (GAC)
The Geelong Arts Centre (GAC), is a Victorian State Government owned cultural institution, and is overseen by Creative Victoria. In 2023, it reopened after an extensive redevelopment (the third and final stage of works), which saw a major expansion of its theatre, music and other performance and development spaces.
Geelong Arts Centre
Economic Impact Assessment (EIA)
Client: Geelong Art Centre
Services Primary : Economics Impact Assessment
Sector: Arts & Culture
Background
Following the successful completion of the third Stage of its expansion project, GAC commissioned Aalto to prepare an estimate of the economic impact that the venue had on the local Geelong economy and the broader Victorian economy, as a basis for ongoing sponsorship and other support.
The assessment combined quantification of direct and indirect monetary impacts (from wages and other expenditure, induced tourist spending and spending by touring companies) as well as broader qualitative impacts, captured via interviews with local people.
Our Role
Aalto’s task was to prepare a clear and evidence-based analysis of the economic impact of the redeveloped venue, and incorporate the insights gathered from direct interviews with stakeholders. These stakeholders included past and current performers, past producers, urban planning specialists, other stakeholders in the Geelong Arts Precinct and representatives from Council.
We estimated both recent historic economic impact as well as forecast future economic impact, based on different base-funding scenarios. To undertake this assessment Aalto developed a bespoke Input-Output model for Geelong, with a focus on creative industries, and utilising financial modelling undertaken by GAC to assign the additional expenditure to different sectors of Geelong’s economy.
Outcome & Insights
The results and report were well received by GAC and were applied for internal reporting and funding support. An expenditure multiplier (dollar of impact to Geelong’s economy per dollar of spend) was calculated and informed GAC of the potential economic impact that the GAC could create in Geelong if additional funding submissions were successful.
“Supported by its neighbouring cultural institutions GAC will create a focused, high amenity public space combining the power of place, storytelling, community, and destination, with the broader regional ambitions of leveraging a vibrant year-round visitor experience as an economic catalyst for the Geelong region.
High amenity public spaces facilitate year-round activation, and development of a robust nighttime economy will support entertainment and hospitality venues in central Geelong.”