Australian Olympic Committee reveals $4 million surplus for 2023

The Australian Olympic Committee (AOC) has today announced a $4 million surplus for the year ending 31st December 2023.

Releasing its Annual Report for 2023 and the Agenda for its Annual General Meeting (AGM) to be held online on Saturday 4th May 2024, AOC President Ian Chesterman advised of a year with strong growth and initiatives in the body’s community programs, the development of an outstanding leadership team as preparations advance for Paris 2024, excellent results for the Australian team at the Pacific Games in Solomon Islands, the development of a strong legacy strategy for Brisbane 2032 and a robust financial performance with surplus for the year of $4 million.

Chesterman noted “the AOC is working hard to support our member sports as they prepare Australia’s athletes for an Olympic year and the spirit of cooperation and detailed work with our members has been outstanding.

“We thank the Federal Government for the additional $20 million Cost of Qualification funding made available to our sports to help cover the spiralling costs of getting athletes to Paris 2024 qualifying events around the world. We are on track for one of our largest away teams ever.

“The core leadership team for Paris is firmly in place with our Chef de Mission Anna Meares now strongly supported with the appointment of an excellent group of Deputies in Ken Wallace, Bronwen Knox, Kaarle McCullogh, Mark Knowles and Kyle Vander-Kuyp. All are Olympians and are outstanding leaders in their own right.

“There’s an immense amount of work being undertaken to ensure we provide the best possible high-performance environment for our athletes for when they are in Paris.”

The 2024 Annual General Meeting will also vote on a constitutional change to recognise the AOC’s commitment to First Nation’s people. Developed in consultation with the AOC’s Indigenous Advisory Committee, the changes to Clause 6.6 strengthens the original wording from 2015 when the AOC embedded its commitment in a landmark constitutional change.

Speaking in relation to the 2032 Brisbane Games, Chesterman noted “the AOC has also been deeply involved in ensuring that Australian sports gets a lasting benefit from the delivery of the Brisbane 2032 Olympic and Paralympic Games.

“The greatest impact hosting the Games can have is ensuring our sports system thrives. Along with the eight other “Games Delivery Partners”, we have been busy planning a lasting legacy to take us to the Games and for 10 years beyond.”

Commenting on financial matters, AOC Chief Executive, Matt Carroll stated “our sponsorship revenue increased by $3m from the prior year, off the back of a number of new partnership signings. These new signings, many that extend past the 2024 Paris Games year, are indicative of the continuing strength of the AOC’s commercial program.

“In fundraising, we are very grateful for the ongoing support of the NSW and Queensland State governments which between them contributed $1.5 milion towards our Paris 2024 Team Appeal program.”

Carroll also outlined the AOC’s commitment to the Oceania region in a partnership with the Federal Government through PacifcAus Sports to support some 250 athletes from 13 Pacific nations as they prepare for Paris 2024.

The 2024 AOC Annual General Meeting will be held online on Friday 4th May and can be viewed via olympics.com.au

Images: Australia's 2024 Olympics team uniforms. Credit: ASICS/AOC.