Tourism In Australia To Add 250 Billion To The Economy

11 Jan 2014

Along with agribusiness, gas, wealth management and international education, tourism in Australia belongs to the ‘fantastic five’ super-growth sectors.

According to a new report from Deloitte called, ‘Positioning for prosperity? Catching the next wave’, the future prosperity of Australia has a key driver and that is - International Tourism. Powered by the growth in Asia and a new generation of tourists looking for nature, space and luxury experiences, Deloitte believes that in the next 20 years, the tourism in Australia can add around $250 billion to the economy, and add in an additional $25 billion to national GDP in 2033.

Indicating the significance of tourism opportunity in Australia, the report shows the 4.1 per cent (in real time) growth of global tourism industry over the next two decades, which is over 20 per cent faster than global GDP growth.

Lachlan Smirl, Tourism, Hospitality and Leisure Leader at Deloitte said at a Tourism and Transport Forum event in Sydney that Australia is already welcoming a new generation of inbound tourists whose numbers, and visitor wallets, are growing.

Mr. Smirl said, for some time brand Australia has been about the wide-open spaces, distinctive landmarks, and natural wonders. However, he added that more recently, Australia is also about the sophisticated urban centers and fine food & wine, and it is these very same assets that are supporting the next wave of growth.

According to Deloitte Access Economics, visitors from markets like India, Indonesia and China are expected to more than treble in the coming two decades and by 2033, tourism exports are anticipated to increased from the present $26 billion to $57 billion in real terms.