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WESTPAC BANKING CORPORATION

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Westpac Banking : 21/07/2021 Westpac predicts strong economic boost as Queensland wins 2032 Olympic Games

07/21/2021 | 04:45am EDT

21 July 2021

Westpac has today welcomed news that Queensland has been successful in its bid to host the 2032 Olympic Summer Games, which for the first time will be held across multiple cities.

Westpac CEO Peter King said that hosting an Olympic Games is a major achievement that will bring lasting positive economic and social impacts for the state and nation.

'Congratulations to the Queensland Premier, Annastacia Palaszczuk, and the Australian Olympic Committee (AOC) for putting forward the winning pitch and bringing the summer Olympics back to Australia.

'This is a big win for Queensland that will have positive impacts for the entire country, as Australia has another opportunity to be showcased on the global stage.

'New investments in infrastructure, including roads and public transport networks, can also be made across larger areas, benefiting more people. We expect tourism will increase across a wider region, which is good news for the Queensland economy,' Mr King said.

Westpac Business Bank Chief Economist, Besa Deda, said the economic boost gained from hosting an Olympic Games is significant.

'In the case of the 2032 Games, it is possible we will see at least $17 billion of economic and social benefits for Australia, with around $8 billion of that flowing into Queensland. The 2000 Sydney Olympic Games were estimated to inject around $6 billion into the Australian economy.

'The 2032 Brisbane Olympic Games will be the first Summer Games to be held across multiple cities, allowing existing infrastructure to be used and reducing costs, which will spread the economic benefits,' Ms Deda said.

Media contact:

Sharon Rockell
0420 598 994

Disclaimer

Westpac Banking Corporation published this content on 21 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 08:44:10 UTC.


ę Publicnow 2021
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Sales 2021 20 940 M 15 198 M 15 198 M
Net income 2021 6 172 M 4 479 M 4 479 M
Net Debt 2021 - - -
P/E ratio 2021 15,6x
Yield 2021 4,53%
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Peter Francis King Chief Executive Officer, MD & Director
Michael Rowland Chief Financial Officer
John McFarlane Chairman
Scott Collary Chief Operating Officer
Leslie Wilson Vance Group Executive-Financial Crime & Compliance
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