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  • Writer's pictureCrest Economics

Swift Boost to the Australian Economy- Feb 2024

As Taylor Swift kicked off her Eras tour in Australia on Friday, the Australian economy is likely to ripple with a boost of spending . The City of Melbourne estimates Swift will bring in more than $1 billion to the city's economy alone, delivering almost a 1/3 of major events revenue during the three touring nights alone.


KPMG chief economist Brendan Rynne mentions a differing stance that Swift would help the Australian economy grow — but only by around $100 million in the March quarter. Nonetheless, fans flying across the globe is projected to boost airlines demand with Qantas and Jetstar expecting a 30% increase on flights into Sydney and Melbourne over the concert period, compared to last year.


With around 10,500 people flying into watch her concert, attendees are expected to each spend around $500 on the day of the concert. Pre-covid data shows the average international visitor to Australia stay around 11 days and spend around $6,000, leading to an estimated total spending of $63m.


The first press conference of the new regime of the RBA Board was hijacked by journalists asking Governor Bullock the impact of the Taylor Swift Eras Tour was likely to have on the Australian economy, suggesting the international star will inadvertently craft a more difficult narrative to the ongoing fight against inflation.




 

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