Revaluing an icon - Sydney Opera House
Midpoint in the Decade of Renewal
Deloitte Access Economics has completed an updated assessment of the Opera House’s cultural, social and digital value, along with its economic contribution to Australia.
The Sydney Opera House is one of Australia’s most iconic landmarks. It hosts thousands of events every year, from opera and ballet to contemporary music, theatre, talks and even yoga. It is one of Australia’s best-known attractions, drawing 10.9 million visits to the precinct in 2016-17.
In the lead-up to its 40th anniversary in 2013, the Opera House launched a ‘Decade of Renewal,’ designed to ensure that it continues to inspire generations of artists, audiences and visitors, and encompassing an ambitious program of capital works. To develop a clear understanding of the worth and contribution of this symbol of Australia, Deloitte was engaged in 2013 to assess the Opera House’s cultural, social and digital value, along with its economic contribution to Australia through the direct and indirect financial and employment value it adds. The result was the 2013 report titled How do you value an icon?
Five years on, approaching the midpoint in its Decade of Renewal, the Opera House refreshed its strategy, having reflected on its achievements over the past five years and the significant changes and emerging opportunities in its operating environment. In 2018, Deloitte has been engaged to provide an updated report on the eve of its 45th anniversary. The result is this 2018 report entitled Revaluing Our Icon – Midpoint in Sydney Opera House’s Decade of Renewal.
Key findings of the report
- The total economic contribution of the Opera House precinct was $1.2 billion in 2016-17, 44% greater in real terms than it was in 2012-13
- The Opera House precinct currently supports the employment of around 8,700 full-time equivalent staff
- For every person employed by the Sydney Opera House Trust, there are 14 other roles supported throughout the economy
- The Opera House’s social asset value has increased by 24% in real terms over the past five years, from $4.6 billion in 2013 to $6.2 billion in 2018.
Published: December 2018