The Australian government is facing a $1 million debt burden for the 2016 Commonwealth Games.
The Australian Government’s Department of Budget and Management (DBM) revealed the cost of the Games will be $5.3 million to $6.3 billion over four years, with the remaining $5 million spent on “other services”.
“These costs are for the Commonwealth Games and for Commonwealth events, including the Commonwealth Olympic Committee (COICA), Commonwealth Games marketing, Commonwealth Games governance, Commonwealth Sports and Cultural Activities Commission (CSAC), Commonwealth Sport, Commonwealth Sport Federation (CSFF), Commonwealth Sports Development, Commonwealth Schools and Community Services Commission (COSDC), Commonwealth Council for Culture, the Commonwealth Arts Council (CCAC), the Commonwealth Council of Trade Unions (CCCTU), the Australian Council for International Cooperation (ACIF), the ABC, Commonwealth Bank, the Australian Electoral Commission (AEC), Commonwealth Bank of Australia (AEXA), the ACT government, the ACCC, the Department of Foreign Affairs and Trade (DFAT), the Department for Health, Disability and Ageing, the Government of the Northern Territory, the Federal Government of Australia, the Tasmanian Government, the Northern Australia Infrastructure Fund (NAIF), and the Commonwealth of Australia.
The department revealed the debt burden would be $1.5 million to £1.9 million per person for each Commonwealth Games, with $3.5m of that being for the 2018 Commonwealth Games.”
For each Commonwealth Sports event, the cost is calculated using the number of events performed by the Commonwealth in the Commonwealth for the previous four years and the average number of Commonwealth Games performed in each Commonwealth sport,” the department said.”
This figure includes the cost for Commonwealth Games events, such as the Commonwealth Championships in March 2019, Commonwealth Championships finals in March 2020, Commonwealth Olympics finals in February 2021 and Commonwealth Games finals in May 2022.””
This also includes the Commonwealth Government’s own costs for Commonwealth Sports programs such as Commonwealth Games programming, Commonwealth Awards, Commonwealth Clubs events and Commonwealth Awards and Community Service programs.”‘
Not only for the government, but for the people of this country’The Department of Finance and Public Expenditure said the debt would be repaid within four years from the Commonwealths 2018 Budget, with no interest charged.”
The debt incurred by the Government will be paid off in full by 2020,” the agency said.
The Commonwealth Games cost was also revealed to be $4.3m for the 2017 Commonwealth Games in Adelaide, which saw Australia lose the men’s and women’s gold medals in the men and women final respectively.”
In 2019, the government will continue to support the Commonwealth sports and culture program by providing financial support to the Commonwealth Sports Foundation (CSF),” the department added.”
For the next four years it will continue the support for Commonwealth programs, and the debt will be repaid.
“However, it is not only for Australia and for the Australian community, the debt is also for the public purse.”
“The Commonwealth Government will not make a repayment of the Commonwealth debt until 2019.”