A proposal to redevelop Canberra's racecourse and Exhibition Park into an innovation and entertainment business precinct could generate significant value and offset the cost of building a new convention centre there instead of in Civic. The plan aims to reduce the burden on ratepayers, with the convention centre serving as a strong anchor tenant to attract major corporate research and development centres.
Keeping the Civic Pool in its current location would save around $138 million and preserve the iconic diving tower. The precinct could boost local universities and bring in new revenue to improve the city's budget, though Canberra has not yet attracted major corporate R&D centres.
Relocating the racecourse and EPIC would not need to happen immediately, with eventual relocation funded by redevelopment profits. The racecourse has only been at its current site since 1962, and its move then was controversial for being 'too far out of town'.
The proposal raises questions about the government's capacity to plan the best use for the land and relocate key facilities. If the Barr government is not up for the task, ratepayers are urged to consider alternatives.
