Australian Olympic Committee reveals $3 million surplus for 2022

Releasing its Annual Report for 2022 in advance of its upcoming Annual General Meeting the Australian Olympic Committee (AOC) has reported a surplus of $3 million for the year ending 2022.

While generating sponsorship income of $15 million through the year, commercial revenue experienced a decline compared to the previous year's $17.6 million, primarily reflecting the AOC's operational pattern during its four-year cycle.

The current cycle, spanning from 2021 to 2024, has so far generated $32.7 million in sponsorship revenue thus far.

Highlighted a year that saw Australia’s best-ever performance at a Winter Olympic Games, strong growth and investment in the AOC’s core community programs, enhanced commitment to sport as a vehicle for Indigenous reconciliation and the delivery of the organisation’s inaugural Climate Action Plan, AOC President, Ian Chesterman stated “our winter Team in Beijing represented Australia with distinction, both on and off the field of play.

“At home, our commitment to our vision of inspiring Australians through the power of Olympic sport could not be better exemplified than through the impressive milestones achieved in the Olympic Unleashed program.

“More than 250,000 students have now received visits from athletes delivering messages around goal setting, decision making and coping with adversity.

“Also making an impact is our Olympic Change-Makers Program which recognises young leaders in schools and communities. One thousand young people applied to be Change-Makers last year and ultimately 24 were selected by our Panel of Olympians.

“Australia’s future is in good hands.”

Chesterman also highlighted the progression of the AOC’s Indigenous reconciliation journey with the conclusion of the first ‘Reflect’ Reconciliation Action Plan (RAP) and the significant steps taken towards the next phase, the soon to launch ‘Innovate’ RAP, noting “the AOC is really focused on practical outcomes and we successfully delivered an Indigenous Basketball Coaching Scholarship program in 2022 in conjunction with Basketball Australia, The Indigenous Basketball Foundation and our partner Toyota.

“I witnessed this program first-hand on the ground in the Torres Strait and it was outstanding.

“The AOC will now progress this concept to other sports.”

partner program. The former joined as part of the International Olympic Committee TOP partner program in the digital transformation space, aiming to grow its services.

The QMS deal sees it become the AOC's new outdoor media partner promoting its digital out-of-home network nationally.

The AOC has also enhanced its engagement with its commercial partners by forming smaller, focus groups to foster an environment of mutual learning. It also included online networking, think tanks and lunches to maintain its partner community.

Following the Beijing Winter Games, partners were invited to various events demonstrating the benefits of collaborating with the AOC across different business areas, such as sustainability, indigenous reconciliation and media collaboration.

Commenting on its finances, AOC Chief Executive Matt Carroll said the organisation also received $7 million from the Australian Olympic Foundation to be used to support athletes, member sports, and the wider community.

Carroll added “the surplus for the year has further bolstered the balance sheet with $9 million in retained surpluses which will be used to support the significant financial commitment to the Australian Team to Paris in 2024, creating the best performance environment for our athletes. “Thanks to all our commercial partners for their commitment and investment which means the AOC remains on track to achieve the revised Paris Quad target of $70.9 million in sponsorship and licensing."

Coinciding with the release of its 2022 Annual Report, the AOC also revealed the agenda for its AGM to be held in Sydney on Saturday 6th May 2023.

Australian athletes required to leave Paris Olympic village after competition
It has also emerged that Australian athletes are required to be required to leave the Paris Olympic village 48 hours after the end of their competition.

While required to leave after competition, Australian athletes will be able to attend the closing ceremony. However, they must pay for their own accommodation during the period in between.

It follows a similar experience in Tokyo when the athletes were under strict protocols due to COVID.

Click here to view the 2022 AOC Annual Report and 2022 AOF Annual Report.

Images: Members of the Australian team in Beijing (top), the cover of the AOC's 2022 Annual Report (middle) and AOC Chief Executive Matt Carroll (left) and AOC President Ian Chesterman (below). All credit: AOC.