- 10-year agreement to deliver a multimillion-dollar return to the State
- McGowan Government fulfils another election commitment
- Optus is the stadium's telecommunications and internet services partner
- In addition to this deal, Perth Arena naming rights will also be sold
The naming rights agreement fulfils the McGowan Government's election commitment to sell the naming rights to Perth Stadium and Perth Arena to deliver much-needed revenue and assist with Budget repair.
Selling naming rights to venues is common practice in many of the world's major cities and the agreement ensures the State maximises the $1.46 billion invested by taxpayers.
In the coming months, all stadium communication material will be updated to reference the new name and signage will appear on the stadium structure.
Comments attributed to Sport and Recreation Minister Mick Murray:
"This naming rights deal is about sensible financial management and delivers a substantial, ongoing revenue stream back to the people of Western Australia.
"The deal is critical to the stadium being financially self-sustaining, making sure there is no additional burden put on taxpayers to cover ongoing running costs.
"The alternative is to borrow even more money or increase the burden of Budget repair on the shoulders of Western Australian households and businesses.
"The value of the deal has far exceeded expectations, delivering a higher than expected return to taxpayers - above what we estimated in Opposition and at the start of the tender process.
"We now have a long-term agreement which guarantees a multimillion-dollar return for the State - and we can continue securing world-class content to boost tourism and create jobs.
"Mandating 'Perth' in the name was not a requirement in this agreement, as the State Government chose to avoid reducing the financial benefit to the State.
"The McGowan Government doesn't have the option of squandering potential income and the tourism focus of this Government is on direct campaigns to attract new visitors to WA."