Tasmania’s capital of Hobart has received the go-ahead for a new waterfront stadium, thanks to a A$240 million (US$162.5 million) injection from Australia’s Federal Government.
The Australian Government commitment of A$240 million completes the total funding requirement of A$715 million. The Tasmanian Government has announced a commitment of A$375 million, while the Australian Football League (AFL) will contribute A$15 million.
This funding will go towards developing the Macquarie Point Arts, Entertainment and Sports Precinct, which includes development of the stadium. Construction is scheduled to begin in 2025, with a slated opening of 2029 as the home ground for Tasmania’s first AFL team, which is currently in development.
It will also enable Tasmania to compete for arts and cultural events including major concerts, conferences, exhibitions and sporting fixtures, whose organisers currently do not consider Tasmania as an option due to the lack of world-class venue facilities and capacity constraints.
Aside from possibly delivering A$2.2 billion to Tasmania’s economy over 25 years, it is expected that at least 44 events – 28 new to Tasmania – could be hosted at the new stadium, with around 587,000 attendance per year, including 123,500 overseas and interstate visitors.
During construction of the stadium, A$300 million in additional economic activity and 4,200 jobs will be created, while A$85 million in additional economic activity and 950 jobs per year will be created during stadium operations. Opportunities in the precinct around the stadium will create up to 6,720 jobs.
The Macquarie Point Development Corporation is currently preparing a Precinct Plan for the site.
