A panel assessing the proposed Macquarie Point stadium in Hobart believes the government has underestimated the cost and overestimated the benefits to such an extent that it risks Tasmania's credit rating.
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00:00The government says the stadium will cost $775 million, but the Tasmanian Planning Commission
00:08panel estimates it will be $861 million.
00:12Once a below-ground car park and other non-budgeted elements are included, that jumps to $992
00:18million.
00:19Adding a footbridge, public transport infrastructure and sewer realignment increases it to $1.2
00:25billion.
00:26The report also finds the government's economic benefit will be less than promised.
00:31The government estimates that the stadium will generate $0.69 for every dollar spent.
00:36But the TPC panel brought this down to $0.53.
00:40It warns the project could impact Tasmania's credit rating.
00:44Estimating an extra $1.86 billion will be added to the state's debt over 10 years.
00:49The TPC panel says this may trigger a credit downgrade, which could affect the cost of
00:54all other state debt.
00:56It sums up the cost-benefit analysis as implying that the collective economic welfare of Tasmanians
01:02would fall if the project goes ahead.
01:06The panel says the stadium is disproportionate to Hobart's small scale, describing it as
01:11having an alien form.
01:13It also says the stadium would be highly intrusive and physically dominating against the Cenotaph.
01:20Transport options are heavily criticised.
01:22The government estimates around a quarter of people will travel by bus.
01:26But the TPC panel says there are not enough buses or planned bus stops to handle that.
01:31And the area would be overcrowded for the majority of the first hour after an event
01:35ended, because the area doesn't cater for the efficient dispersal of pedestrian traffic.
01:41And pinch points will develop, which could create safety issues.
01:45And on the roads, it says traffic network congestion generated by planned events at
01:50the stadium could not be mitigated.
01:52The community can now have its say on the TPC draft report until May 8.
01:57A final report is due in September.