Sydney Opera House’s social value increases to $11.4 billion

– Deloitte report revalues global icon at the end of a decade of renewal –

– Most recognisable human-made symbol of Australia’s national identity –

– Contributed $1.2 billion to the NSW economy in FY23 –

Sydney —

The social value Australians place on the Sydney Opera House has grown to $11.4 billion in its 50th year, according to a Deloitte Access Economics report released today. As well as contributing $1.2 billion to the NSW economy in FY23, the Opera House is the most recognisable human-made symbol of Australia, as emblematic as the koala and kangaroo.

The new report, Valuing 50 years of Australia’s Icon, released for the Opera House’s 50th anniversary, emphasises the growing relevance of the cultural landmark since its opening in 1973. It follows the first Deloitte valuation at the building’s 40th anniversary in 2013, when its social value was calculated at $4.6 billion. Since then, the Opera House has completed $300 million of capital works, opened up more of the building to the community and broadened its programming, reach and impact, on site and online. Deloitte has calculated that over this decade of renewal the social value has increased by 38% in real terms to $11.4 billion* – almost four times the value of the land and building ($3 billion) based on today’s estimates.

Other key findings include:

  • Of the $11.4 billion social value, $5 billion is attributed to the value Australians place on simply knowing that the Opera House exists.
     
  • The Opera House contributed $1.2 billion to the NSW economy in FY23, with $824 million from tourism alone. This figure is lower than 2018 due to COVID-19 impacts but represents an overall increase of 15% in real terms since the start of the Decade of Renewal.
     
  • As the most prominent human-made symbol of Australia’s national identity, the Opera House is twice as recognisable as other Australian cultural institutions. It exists in a category of its own, equalled only by the koala and kangaroo as national symbols.
     
  • The digital value of the Opera House, which is the value of people’s time spent engaging with digital content, contributed more than $500 million to the social value, growing 400% in real terms since 2013. More than 900,000 hours of Opera House content was viewed in FY23.
     
  • Over the past 10 years, the brand associations made by Australians and international audiences with respect to the Opera House have evolved. While ‘unique’ consistently remains in a list of top 10 words chosen by survey respondents, ‘visionary’ has risen to second place and ‘dynamic’ has entered the list for the first time.
     
  • About 50% of Opera House visitors have engaged with First Nations art, including attending a performance or talk, or viewing an artwork by First Nations artists or peoples.
     
  • 72% of people agree that visiting the Opera House improved their wellbeing, with most visitors (71%) feeling more connected with companions and the community.

Deloitte Access Economics, Economist Rhiannon Yetsenga said: “The Opera House plays an important economic role, contributing $1.2 billion to the NSW economy and supporting more than 8,000 FTE employees. But it is also one of the strongest brands in the world, making Australia one of the only countries that is recognisable by an arts and culture centre. Beyond its economic and brand value, the Opera House provides audiences with access to unique experiences and is an integral part of Australia’s national identity. In 2023, Deloitte estimates the social value of the Opera House is worth $11.4 billion.”

Sydney Opera House CEO Louise Herron AM said: “Over the past decade, we have focused on changing the Opera House for the future and for the better. And while our economic contribution has been affected by the pandemic, the social value Australians place on the Opera House has increased by 38% in real terms since 2013. People see it as ‘unique, visionary and dynamic’, attributes that have been part of the Opera House’s DNA since the very beginning. So as we prepare to celebrate the building’s 50th birthday, it’s wonderful to see that the love Australians have for this place is stronger than ever.”

VIEW THE FULL REPORT HERE

Report methodology and sources
The Sydney Opera House engaged Deloitte Access Economics to re-examine the value of the Opera House at the end of its Decade of Renewal. The report updates and refines previous estimates of the value of the Opera House using a range of bespoke and existing research:

  • New input-output modelling using financial data from the Sydney Opera House.
  • A bespoke survey of 3,800 people fielded by Ipsos, including from across Australia and international tourists from the US, the UK, New Zealand and China.
  • Tourism modelling using satellite accounts and Tourism Research Australia (TRA) data.
  • Consults with a range of stakeholders including Tourism Australia, the City of Sydney, Dr Terri Janke of Terri Janke & Company, Western Sydney University and the Green Building Council of Australia.

Using these inputs, the report quantifies both the economic contribution and social value of the Opera House. Further information on methodology and data sources is provided in the report.


*Social value combines the attendance, digital and existence value of the Opera House, which was calculated at $4.6 billion in 2013 and increased to $11.4 billion in 2023. This represents a 38% growth real terms after adjusting for inflation and methodology changes.