Projects in Australia’s tourism investment pipeline were worth AUD 53.7 billion last year, having grown by 9% when measured against 2013. New projects worth AUD 4.3 billion were commenced in 2014, boosting the number of projects from 139 to 168.
That’s according to the latest Tourism Investment Monitor 2015, released by Tourism Research Australia (TRA) at the weekend.
Aviation accounted for AUD 31.3 billion – down AUD 1.8 billion – with aviation infrastructure projects valued at AUD 10.9 billion (up AUD 4.1 billion) and aircraft orders at AUD 20.4 billion (down AUD 5.9 billion).
Arts, recreation and business services infrastructure projects were valued at AUD 13.9 billion – up AUD 5 billion.
Accommodation projects were valued at AUD 8.5 billion – up AUD 1.1 billion – providing a potential 15,915 new rooms to accommodation supply.
Strong growth also occurred in mixed-use developments (including an accommodation component) – valued at AUD 33.6 billion (up AUD 11.9 billion). These developments have the potential to generate a total of around 18,315 new rooms, separate to those from standalone accommodation developments, TRA said.
“It is important to have a rising number of viable projects entering and progressing through the pipeline in order to deliver new and improved infrastructure to the tourism industry” TRA’s assistant general manager, Spiro Kavadias, commented.
“This year’s Monitor shows there is strong investor appetite for Australian tourism opportunities, with 71 new projects entering the pipeline. It’s also positive that 31 projects reached completion in 2014,” Kavadias said.
“Increasing supply and improving the quality of Australia’s tourism product offering will ensure the Australian tourism industry remains globally competitive, and will also place the industry in a good position to attain its goals set under Tourism 2020.”
Edited by Peter Needham