Beef Australia 2021 was hailed as a huge success with file crowds, but organisers have been left with an estimated $800,000 monetary loss.
- Despite being hailed as a huge success with a file turn-out, the organisers of Beef Australia 2021 skilled an estimated $800,000 in losses
- Beef Australia’s chair mentioned that extra COVID necessities performed a serious function within the event struggling a loss
- Beef Australia is assured it would stay in a robust monetary place transferring into 2024
The debt was revealed in a letter to the Rockhampton Regional Council from Beef Australia treasurer Richard Brosnan who requested the council to waive an excellent bill for $71,273.66.
Beef Australia chair Bryce Camm blamed the losses for the three-year event cycle on COVID necessities.
“The financial result for Beef Australia was really a result of the extra planning and measures that we had to put in place to ensure that we delivered a COVID-safe event,” Mr Camm mentioned.
Beef 2021 attracted greater than 115,000 individuals over the seven-day event in May, which was a 15 per cent crowd enhance from 2018.
Mr Camm mentioned it wasn’t the primary time the event had made a loss and Beef Australia remained in a robust monetary place going ahead.
“The event from time to time has made a loss. Over the last couple of events some solid returns were made by the event,” he mentioned.
“Beef is a not-for-profit. It’s always pertinent that it has enough reserves that it will always get to the next event.
“But the organisation is in a really strong monetary place headed into 2024.”
The council has not yet committed to waiving its bill but it pledged its support for the world-famous event.
“The matter was mentioned through the closed council session the place it was resolved that council will meet with the Beef Australia Board to debate the request to waive the bill for added fees and council’s continued assist for Beef Australia occasions,” the council said in a statement.
Mr Camm said $600,000 of Beef Australia’s losses were the result of an investment in infrastructure for future events.
“It’s additionally vital to make clear within the monetary place that was reported to council contains two bits of main infrastructure,” he said.
“So, Beef Australia paid for the brand new wash-down amenities that we constructed on the Rockhampton showgrounds that was to the tune of virtually $300,000 price of infrastructure.
“This year we also started the build on our own cattle-handling facilities in terms of the stalling to house all of those cattle in the sites that we had at Beef [Week], so another $300,000 worth of investment in the infrastructure around housing those cattle.”
‘A huge success for the beef trade’
In spite of the losses, Beef Australia occasions had important financial advantages for Rockhampton and Queensland.
“It was to the tune of $96 million that the event returned for Rockhampton and $50-odd million for the State of Queensland,” Mr Camm mentioned.
“Its mantra is to promote and celebrate and educate people around the Australian beef industry, both here domestically and globally, and it’s also a great showcase and celebration of the Capricorn and Greater Rockhampton region.”
Figures launched earlier this 12 months by Beef Australia estimated the event had a $94 million direct and incremental influence on the higher Rockhampton Region and $76.1 million value-added financial impacts for the state.
The federal authorities contributed $3.9 million in direction of the event, whereas the Queensland authorities dedicated $1 million.
However, Mr Camm mentioned internet hosting a world event in a regional centre was nonetheless a pricey train.
#Note-Author Name – Ashleigh Bagshaw and Paul Culliver