This article consolidates the pros and cons of the two common modelling techniques for economic impact analysis: the input–output multiplier and the computable general equilibrium (CGE) technique. The latter is recommended for large event assessment and was used to examine the economic impacts of the Gold Coast 2018 Commonwealth Games. The Games is estimated to have generated approximately A$2.5 billion of gross state product (GSP) to Queensland after netting out the costs incurred. The effect is spread over a period of nine years from pre-Games period of preparation for the Games, through the Games period itself, and then rather significantly in the post-Games period. While benefits accrue to Queensland, the rest of Australia is estimated to lose due to the so-called ‘crowding out effect’.