SPEEDWAY INJECTS $4M+ INTO TOOWOOMBA ECONOMY

Toowoomba Speedway media release:

An independent economic impact study has identified another $4m+ windfall for the Toowoomba region thanks to Hi-Tec Oils Toowoomba Speedway’s “Red Hot Summer Shootout” & “Ultimate Sedan Weekend” events held during back-to-back weeks in January this year.

The study demonstrates the ongoing importance of the Speedway to the region as a major tourism drawcard, establishing the venue as a major player in boosting the area’s economy.

“It’s a tremendous result for the Darling Downs region, and something our community can be really proud about”, Events Manager Ryan Harris remarked.  

“To be able to attract competitors from America along with thousands and thousands of fans from interstate for our events here in town that ultimately now consistently injects millions of dollars into the local economy proves that Hi-Tec Oils Toowoomba Speedway continues to be a significant contributor. When you consider that this study only covered two events out of our the twenty-five plus we run each year, it’s staggering to consider just how big the overall contribution from a whole season could be,”  Harris said.

The study demonstrates the emerging importance of the speedway to the region as a major tourism drawcard.

 AT A GLANCE

+ The Toowoomba Speedway attracted 12,189 individuals who either competed, accompanied a competitor or came to watch either one or both events.

+ The Toowoomba Speedway generated direct and incremental expenditure of $3,972,917 attributable to the Toowoomba economy AND $1,241,041 attributable to the Queensland economy.

+ The Toowoomba Speedway was responsible for generating 19,573 visitor nights for the Toowoomba region. The majority of these nights were generated by intrastate visitors (14,284), across the two weekends of competition.

+ In total, $4,122,422 was spent by overnight visitors who stayed more than 40km from their normal place of residence. The majority of this spending was undertaken by intrastate visitors ($2,976,612).

+ When assessing ‘community pride’, the Toowoomba Speedway rates high to very high on the majority of indicators. The highest level of agreement was recorded for the statements ‘The Speedway events adds to the appeal of the Toowoomba region (98%), and ‘Local residents should feel proud of the Toowoomba Speedway’ (97%).