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Forecast shows tourism will continue to drive growth in Australian economy

September 9, 2019 Business News No Comments Email Email

Today’s Tourism Forecasts 2019 report released by the Federal Government shows the short and long-term prospects for Australia’s tourism industry continue to look positive, despite shifts in the global economy.The global trend to travel, coupled with a lower Australian dollar, will see the industry’s export income grow by 8% in the coming year and more than double to $94.9 billion in export earnings in the next decade.

“In the next ten years we will see international tourism spend growing its share of the visitor dollar – with 40% of tourism spending coming from international travellers by 2028-29.  This is an injection of foreign money delivered directly into the Australian economy,” ATEC Managing Director Peter Shelley says.

“The long term view of tourism is that of a growth industry which will continue to contribute strongly to Australia’s economic advancement and provide an increasing number of jobs for Australians.”

Mr Shelley said Tourism Forecasts 2019, the first major analysis of the industry in two years, offers a positive outlook for the industry which will continue to grow at a much faster rate (5%) than the overall Australian economy (2.8%).  It highlights both the opportunities and the changes in our key inbound markets expected in coming years.

“While tourism enjoys an ever expanding opportunity for growth, what is important is that our industry has the ability to make positive and significant contributions to Australian society – economically, socially and environmentally.

“Currently one in every 13 jobs in Australia is in the tourism industry and if managed well – with foresight, good government planning, industry engagement and sustainably – the tourism industry will continue to be a powerful economic driver and bring enormous benefit to Australia.”

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