The ABC is reporting that Canberra’s revamped National Convention Centre is expected to inject an extra $200 million into the ACT economy each year.
The conference building has undergone a seven month, $30 million facelift to improve its facilities.
As a result of the upgrade, the ACT Government expects Canberra to increase its share of the national conference market from 6 to 7 per cent.
Chief Minister Jon Stanhope says the refurbishment was long overdue.
“We now have a state of the art, updated, iconic convention facility here in the ACT,” he said.
Weekly NewsletterEvery Thursday afternoon, we package up the most-read and trending RiotACT stories of the past seven days and deliver straight to your inbox..
“It’s a $30 million investment in business, it’s a $30 million investment in tourism, it is a $30 million investment in the business of this town,” he said.
“It has enormous significance and will have a tremendous impact on our capacity to compete nationally and internationally for major events.”
But despite the upgrade, the ACT Government says Canberra will need a larger convention facility in the future.
Minister for Tourism Andrew Barr says the revamped Convention Centre has been hailed a success and will meet Canberra’s needs in the short term.
“We obviously have an issue in the longer term, perhaps around our centenary with the opportunity of some Commonwealth investment perhaps in a facility of a much grander scale,” he said.
“But this meets 90 to 95 per cent of the needs of conferences that are held in Australia and places us very well to compete, to increase our market share.”