New South Wales (NSW) has announced a massive shot in the arm worth more than A$530 million (US$397 million) that will help revive events across the state, according to Business News Australia.
Many elements of the Covid-19 Economic Recovery Plan will benefit business events.
The A$60 million Aviation Attraction Fund to incentivise international airlines to re-commence flights to Sydney, which will support high-yielding international events and international delegate attendance.
The A$150 million to support the recovery of major event activity across the state including A$50 million for a Regional Events Package to support major events, festivals, agricultural shows and community events across the regions.
The A$250 million for the expanded Stay & Rediscover scheme provides a A$50 voucher to all NSW adults to redeem at accommodation premises across NSW. This supports overnight hotel stays for event attendance.
The A$6 million to bring business events back to Greater Sydney, Newcastle and Wollongong.
The A$50 million will provide immediate support to organisers if events are cancelled or disrupted by any public health order during the 2021-22 summer.
There will also be A$25 million dedicated towards commercial and not-for-profit festivals; as well as A$10 million put towards a Recovery Marketing Campaign.
Business events stakeholders have welcomed the announcement, and have are ready to help rebuild business confidence and incentivise event organisers.
Geoff Donaghy, CEO of ICC Sydney, said the announcement of the funds is “well-received”, and will help “turbocharge the local visitor economy”.
Meanwhile, BESydney CEO Lyn Lewis-Smith said the funding announcement was a great outcome for Sydneyâ€™s business events industry.
Lewis-Smith added: â€śWith restrictions continuing to ease, Sydney is coming back to life and the funding will continue the positive momentum that we are starting to see. People are excited about reconnecting with friends and family and the prospect of travel as borders open. We canâ€™t wait to see that same confidence now flow through to business and to welcome our national and global business delegates back here soon.â€ť
BESydney will administer the funding programme in conjunction with Destination NSW, on behalf of the NSW Government. Matched funding will be available by application in rounds, commencing in late November 2021. Events eligible for funding are conferences, conventions, symposia, congresses, seminars, training courses, trade exhibitions attracting a minimum of 100 delegates to a venue for a gathering of at least one dayâ€™s duration.