Australia’s tourism industry continues to look positive in the short and long term, despite shifts in the global economy.
The Tourism Forecasts 2019 report released by the Federal Government shows the global trend to travel, coupled with a lower Australian dollar, will see the industry’s export income grow by 8 per cent in the coming year and more than double to $94.9 billion in export earnings in the next decade.
“In the next ten years we will see international tourism spend growing its share of the visitor dollar – with 40 per cent of tourism spending coming from international travellers by 2028-29,” Australian Tourism Export Council managing director Peter Shelley said. “This is an injection of foreign money delivered directly into the Australian economy.
“The long term view of tourism is that of a growth industry which will continue to contribute strongly to Australia’s economic advancement and provide an increasing number of jobs for Australians.”
The tourism industry will continue to grow at a much faster rate (5 per cent) than the overall Australian economy (2.8 per cent), according to the report.
“While tourism enjoys an ever expanding opportunity for growth, what is important is that our industry has the ability to make positive and significant contributions to Australian society – economically, socially and environmentally,” Shelley said.