Australia: International Business Events Study to Open Government Doors
One in five dollars spent by international visitors in Australia is spent by an international visitor attending some form of business event, with expenditure by international business events delegates generating an estimated $2.2 billion in GDP in 2012, according to a new report by the Association of Australian Convention Bureaux (AACB).
The AACB, in partnership with Deloitte Access Economics, has undertaken the study, Australia’s International Business Events Sector: The Economic and Strategic Value Proposition, which highlights the benefits of international business events and the sector’s contribution to the Australian economy, with the report finding that international business events delegates spend on average 21 per cent more than other international visitors over the course of their trip.
Lachlan Smirl, director and national leader of tourism, hospitality and leisure for Deloitte Access Economics, says the report “outlines the direct economic value, policy alignment, opportunities and challenges of the sector”.
“There are sound economic arguments to justify government support of international business events and Australia is well placed to capitalise on this opportunity in the business events sector,” he said.
Early in the fiscal year, AACB president Lyn Lewis-Smith and executive director Andrew Hiebl delivered the report and its findings to the Office of the Minister for Trade and Investment, with Lewis-Smith saying the high yielding nature of the sector “is a significant economic driver for both the visitor and knowledge economies”.