Tourism Australia, Austrade and the Department of Resources, Energy and Tourism have joined forces to promote investment opportunities across Australia’s embattled tourism industry.
The five-year partnership, formally announced today, includes the unveiling of several communication tools including the Australian Tourism Investment Guide.
The guide outlines up to 80 investment-ready opportunities and tourism projects across the country, namely in short-term accommodation, and leisure, attractions and experiences.
In addition to the guide, a new marketing video and micro site has created a single destination to assist tourism investment decision-making.
Tourism Research Australia has also released the inaugural Tourism Investment Monitor 2012, providing investors with an overview of the tourism investment pipeline.
According to Tourism Australia managing director Andrew McEvoy, sourcing local and foreign investors could double overnight visitor expenditure by up to $140 billion a year by 2020.
“This is the level of growth we need to bring new investment to life,” he said in a statement.
Austrade chief executive Peter Grey said Austrade would be the first port of call for interested foreign investors, providing “seamless” access to information about all tourism investment opportunities.
McEvoy said while the investment attraction program will cover all forms of domestic and foreign investment, Asia will be a priority.
“Australia is within the strongest performing tourism region and largest global aviation market in the world,” he said.
“Our country is poised to take advantage of some of the exciting opportunities being created through the powerhouse economies of Asia, particularly in China.”
According to the Australian Tourism Investment Guide, Australia is the eighth largest international tourism market, beating Canada, Hong Kong and Singapore.
Total tourism in Australia is valued at $96 billion, comprising of $72 billion in domestic consumption and $24 billion in international consumption.
“Asia is expected to contribute more than half of the projected growth in international visitation to Australia over the next decade, with 42% of that growth expected to come from China,” the guide said.
“As a nearby ‘western developed’, English-speaking country, with strong destination appeal, Australia is in a… position to capture a major share of this growing international visitor market.”
“In addition to this, Australia is expected to see sustained growth from New Zealand, supported by other traditional visitor markets, such as the United States, United Kingdom and Europe.”
“Australians are also enthusiastic holidaymakers in their own country, taking about 70 million overnight trips.”
“Indeed, domestic tourism continues to underpin the tourism sector, accounting for 75% of total tourism consumption or 62% of overnight tourism spend.”