A report commissioned by Newcastle Council into the economic benefits of the V8 Supercars race has been slammed as a cynical PR exercise.
The 61-page study by the Hunter Research Foundation Centre found the event contributed 30-million dollars to the Newcastle economy.
However Greens Councillor, John Mackenzie has told Fairfax the report falls a long way short of his request for an independent cost-benefit analysis and fails to include the operating cost for staging the event, including direct contributions made by council.
Councillor Mackenzie says the report also fails to document the economic impact on Newcastle businesses during preparations for the race.
