The Business Events Council of Australia (BECA) has developed a framework to aid the recovery of the business events industry with critical support for the business events workforce and businesses, warning that without an extension of the Government’s JobKeeper arrangement, the business events industry will face financial ruin.
Across the business events industry, the necessary cancellation of events has seen a near 100 per cent loss of revenue. The total lost value for the business events industry over the next 12 months is estimated at $35.7 billion with staffing losses across the industry estimated at over 92,000 by the end of June 2020.
“Without government support the business events industry is not just facing a hiatus; it is facing a total dislocation and complete loss,” said BECA Chair Dr. Vanessa Findlay.
“We would be facing a total rebuild of an industry from the ground up. We are uncertain whether we will ever get back to being able to compete globally if this situation transpires.”
The Business Events Recovery and Rebound Framework identifies key challenges facing the industry and gaps that are not alleviated or solved by the Government’s existing stimulus and support measures.
Without Beyond September, the business events industry will not be in full recovery mode given the long lead times to plan and promote events and for revenue to start flowing again, according to BECA.
“As an industry, we want to emerge from the crisis in a position to help build business confidence across the Australian economy and, when the time is right, grow Australia’s share of global events in what will be a highly competitive and disrupted market,” Findlay said.