Australian Open estimated to have generated in excess of $400m for the Victorian economy

A controversial but packed Australian Open has been hailed for reinvigorating Melbourne’s small businesses, with figures revealing a spending splurge.

About 25 per cent of Asutralian Open fans were from interstate, outside Melbourne or overseas. Picture: AFP

Record-breaking crowds at this year’s Australian Open helped inject more than $400m into Melbourne’s accommodation, hospitality and tourism sectors.

Card transaction data crunched by banking giant NAB reveals consumer spending boomed across Melbourne during the two-week event, with an estimated $417m splurged.

That is a 25 per cent increase on the Covid-restricted and crowd-capped 2020 Open.

The data also indicates more than $300m – 72 per cent of spending – was at Melbourne’s bars, restaurants or fast-food outlets during the tournament rather than in the tennis precinct.

The tennis is credited with helping inject more than $400m into Victoria’s economy. Picture: David Caird

NAB executive Ana Marinkovic said the return of a full-capacity Open reinvigorated small businesses across Melbourne, many of which were significantly impacted by pandemic restrictions during the past two summers.

“We estimate this year’s Australian Open generated in excess of $400m for the Victorian economy over the past two weeks – its biggest ever economic return,” she said.

“This is fantastic news for Melbourne’s small businesses and it further underscores the importance of this event to the economic and cultural wellbeing of our city and state.”

Australian Open winner Novak Djokovic gets a selfie with fans. Picture: AFP

An unprecedented two-week crowd of 839,192 flocked to Melbourne Park – more than 902,300 if you count the week prior which included a charity fundraiser and qualifying matches.

It is believed about 25 per cent of fans were from interstate, outside Melbourne and overseas, with the biggest portion of international spectators from the US, New Zealand, Canada and Singapore.

Australian Hotels Association vice-president Mark O’Reilly said the return of a full-capacity Australian Open provided a much-needed boost for Melbourne businesses.