How the Queen Victoria Market avoided going into the red

The market would have recorded a $3m loss as a result of the coronavirus pandemic if not for this move.

Shoppers return to the Queen VIctoria Market. Picture: Sarah Matray

Queen Victoria Market has avoided going into the red during the pandemic thanks to a multimillion-dollar bailout from its owner, the Melbourne City Council.

The market would have recorded a $3m loss if not for Town Hall’s financial underwriting of the 140-year-old city institution, chief executive Stan Liacos said.

Instead the popular market and tourist landmark recorded a $483,638 profit in the latest financial year, according to its annual report.

The council tipped in a $1.9m grant as well as rent relief support for traders whose businesses suffered during Melbourne’s lockdowns.

The 5km travel limit and the loss of international visitors hit trading hard after March.

Mr Liacos said the market was performing well before the double whammy of bushfires and coronavirus and that 10 million people visited the site in 2019.

A separate council financial report showed that revenue from parking fees and fines had dropped $18.5m below budget in the three months to the end of September.

Also the council-owned Citywide company saw its profits slump to $225,000 in the last financial year, compared to $6.8m in 2018-19.

Citywide, chaired by former premier John Brumby, operates council services, such as rubbish removal, park maintenance, capital works and traffic management.

The annual report said the weaker result was caused by restructuring and impairment charges, the impacts of COVID-19 and a “challenging” trading environment.

The Queen Victoria Market covers 7 hectares in Melbourne’s central business district and has 140 leasehold premises.

MORE NEWS:

THE BIG WINNERS IN VICTORIA’S UPCOMING BUDGET

AUS OPEN DELAYED UNTIL LATER IN THE YEAR