Melbourne’s 2006 Commonwealth Games added an extra $1.6 billion to the state’s gross state product, according to a government-commissioned report out.
More than $2.9 billion was spent on the Games.
This included $1.525 billion in construction costs, $45 million more than expected.
The KPMG study found that operating costs for the event were $106 million lower than expected, with security and transport costs coming in significantly under budget.
The $1.6 billion GSP windfall, exceeded expectations by $100 million.
The study revealed almost 13,600 full time equivalent jobs were created by the games.
Commonwealth Games Minister Justin Madden attributed the better than expected economic return to the higher number of tourists and a $30 million saving in security costs.
“We had forecast 40,000 international and 50,000 interstate tourists would attend the Melbourne 2006 Commonwealth Games,” Mr Madden said.
“The study says there were actually 60,000 interstate and 57,000 international tourists and an additional 8,000 interstate and international athletes, technical officials and media.”
He said the long-term impact of the Games related to post-Games tourism, business and infrastructure.
Speaking from Sandringham Athletics Centre, where he announced a $1 million funding injection for Athletics Victoria, Mr Madden said the investment in the Games would increase GSP by $1.6 billion over the next 20 years.
About half of this would occur in 2006.
The Victorian government says its contribution to the Games came in about $80 million under budget - saving $50 million in operating costs and $30 million in security.
Of this $26 million will be injected back into the state’s athletics organisations.
The $1 million extra funding will develop “A New Beginning for Athletics” program to help young athletes make the transition from Little Athletics to senior competition.