The Sydney Opera House is much more than a popular Australian tourist destination, possessing a multi-billion dollar cultural and iconic value, according to a new report.
The Opera House contributes AU$775 million to the national economy each year and holds a cultural and exponential value of AU$4.6 billion, according to Deloitte Access Economies.
The famous theatre generated AU$141 million in direct value for the Australian economy during the 2012/13 financial year, however, as a national icon its value is much greater.
The Sydney Opera House builds value upon the fact that it simply exists, with venue and performances worth 38 percent more than ticket sales, owing to the unique aspects of the venue.
The intangible cultural, iconic and national identity value perceived by all Australians – representing ‘non-use’ values, not just its value to those that attend performances – is worth AU$2.1 billion over the next 40 years.