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COVID-induced restrictions, no doubt, hammered the flourishing travel and tourism space, however some emerging trends that seem to hit the ground running for the industry deserve a closer attention to gauge the growth trajectory in near term.

Undeniably, tourism industry has stayed at the core of Australian economy contributing $60.8 billion to the nation’s GDP in 2018-19, with growing business travel, tourist visits and overseas education programs playing instrumental role in delivering economic gains over years. However, COVID-19 delivered a heavy blow to the space amidst travel bans and government-led restrictions on non-essential activities to contain the spread of virus.

While market is facing a tall order to reboot multi-billion-dollar travel and tourism industry, the sector is anticipated to gradually pick up the steam on the back of dedicated fiscal push and growing discussions on re-opening travel with safety restrictions in place.

In this context, the Government’s dedicated efforts in pulling out all stops to bring the sector back on its feet are commendable, rescuing jobs via JobKeeper stimulus package and kicking off discussions for international travel via trans-Tasman travel bubble as soon as in July 2020. Besides, some push to the sector can also be expected from ~$715 million relief package from a range of taxes and government charges till 30th September 2020, in order to maintain a competitive and strong aviation sector.

While Queensland Premier is firm on keeping state borders shut to encourage intra-state travel, tourism operators have pleaded the premier to put an end to speculations over border reopening, offering time to travelers for booking a vacation in Sunshine state.

Besides, travel and tourism players are expected to re-pick the momentum as soon as the situation normalises, signs of which are already apparent with sooner than expected lifting of restrictions in multiple states. Putting pedal to the metal, nation’s top-notch flag carrier Qantas is gearing up to boost its domestic flying levels from 5 per cent to 40 per cent by July end.

Source:  Kalkine