The finance ministers, central bank governors and their entourages arrive in Sydney this weekend for G20 meetings and will no doubt provide a healthy boost for the city’s luxury hotels and restaurants.
But, according to a report in the Australian Financial Review, the event won’t generate as much money for the local tourism economy as the Sydney Gay and Lesbian Mardi Gras will the following weekend.
Australia is hosting the G20 in three destinations this year. After the Sydney preparatory talks this weekend, there will be a meeting of finance ministers and central bank governors in Cairns in September, and one of trade ministers in July, culminating in the G20 Leaders Summit in Brisbane on November 15-16.
Organisers of the Mardi Gras said the event is second only to New Year’s Eve in terms of its economic significance for Sydney.
Last year it attracted 29,000 interstate and international visitors and brought A$30 million into the New South Wales economy.
