The economic modelling in the report found that in 2020 dollars a revived Victoria Theatre will, by its third year of operation, generate a positive economic impact of $13,613,219 per annum ongoing.
The report predicted that from commencement of capital works to the completion of three years of operation, the Victoria Theatre’s positive economic impact would exceed $50,000,000.
The modelling also found that a revived Victoria Theatre could generate up to 40 full time equivalent jobs for the Hunter region during the capital building phase and 165 full time equivalent jobs for the theatre’s ongoing operation.
The report examined economic modelling methodologies as applied to theatres and live performance venues internationally as well as more broadly across Australia and examples form the NSW to:
- Determine the economic impact of expenditure on capital works to revive the Victoria Theatre building as a working heritage theatre; and
- Determine what the economic impact of the live performance program and operational activity within the Victoria Theatre will have on the Newcastle and Hunter region economy.
To determine the economic impact of the capital works required to revive the Victoria Theatre building, established economic multipliers applied to a capital budget of $11,500,000. The economic impact for the Victoria theatre’s first three years of operation derived from the 2020 Victoria Theatre Business Case and application of the methodology developed by University of Technology Sydney (UTS) to determine the economic impact of the Enmore Theatre, which was an update of previous UTS work commissioned by Marrickville Council.
The report also features forewords by the Hon George Souris AM, former Minister for the Arts and Minister for the Hunter and Professor Alex Zelinsky, AO – Vice-Chancellor and President, University of Newcastle.
Furthermore, the economic modelling methodology used to determine the economic impact in the Victoria Theatre’s case can apply to other theatre revival proposals in NSW and throughout Australia.
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