We're still paying off Olympics

[Fiona]

THE 2000 Olympics is draining NSW taxpayers of $42 million a year more than five years on despite the private sector now making a financial success out of the SuperDome.

An investigation by The Daily Telegraph has revealed that Sydney Olympic Park alone cost $38 million in government subsidies last year with another $37 million public contribution pencilled in for 2005-06.

NSW Department of Sport and Recreation figures show another $4.2 million in taxpayer subsidies were swallowed up last year at the Olympic equestrian, shooting and rowing facilities.

On the positive side, the Penrith Whitewater Stadium finished 2004-05 with a $48,739 profit for owners Penrith Council.

The ongoing costs for the greatest Olympics ever come as Melbourne is still awaiting the final bill for its Commonwealth Games with the price tag – after revenue – now believed to be in the vicinity of $900 million.

The Sydney Olympic Park Authority continues to be a loss-maker even though the SuperDome, the indoor venue for the Games, is now ranked the second highest-grossing entertainment arena in the world.

But taxpayers won't see any benefit from the SuperDome, which had $50.2 million in ticket sales revenue in 2005, because it is owned by PBL on a lease until 2031.

Testra Stadium, also privately owned, recorded a modest $496,000 profit last year but owner Stadium Australia Group is understood to be struggling to service its debt. Shares sold for $5 in 1998 are now worth 11c.

Olympic Park finance executive director Nick Hubble said a government subsidy will be required for the precinct for some years into the future, although he expects it to gradually fall.

He said much of the subsidy is required to develop the 425ha of parklands on the precinct.

A long term vision for residential and commercial redevelopment – contained in a master plan – has been held up in planning delays and disputes over detail.

A big breakthrough came last year with the go-ahead given to Multiplex and Babcock & Brown to build three residential towers containing about 700 apartments.

In more recent good news, the Commonwealth Bank has announced a call centre with hundreds of jobs on a site on Dawn Fraser Avenue.

news.com.au