The Federal Government has committed $2 million to measure business events data in international and national data sets, including bespoke data collection activities.
The announcement coincides with Global Meeting Industry Day, with the government acknowledging the value of Australia’s business events sector which contributes around $36 billion in total industry expenditure to the economy.
The first phase of the program has already started with Tourism Research Australia introducing a new suite of questions to the National and International Visitor Surveys.
The second phase will see the government work closely with the Business Events Council of Australia to roll out bespoke data collection points including venues, organisers, delegates and exhibitors across the nation.
Tourism Minister Don Farrell said business events are vital drivers of Australia’s visitor economy and the broader economy.
“The new business events data project is a critical part of the Government’s support for the ongoing recovery of Australia’s business events sector,” he said.
“Better data means better decisions, better decisions mean better events, and better events mean a bigger boost for Australia’s visitor economy.”
Dr Leo Jago, Chair of Business Events Council of Australia, welcomed the announcement, saying the funding will help the business events sector track its progress against THRIVE 2030 targets.
“The Government’s decision to invest significant funds to underpin research to estimate the true economic value of business events addresses one of industry’s top priorities in post-pandemic recovery and growth towards 2030,” he said.
“The $2 million allocation is the single largest investment in business events research that we have seen and will establish a long-term framework to most accurately and consistently measure the business events industry’s contribution to the economy over the next decade.
“To ensure the success of the project to estimate the economic value of business events, it is essential that industry participates and provides the necessary data in a timely fashion.”