Sunday, May 27, 2018

Aussie industry benefitting from business events

The Business Events Council of Australia (BECA) has released an update of its 2013/14 study on the value of the business events industry to Australia’s economy.

The key figures, commissioned from global research firm, Ernst & Young, show that in 2015/16, business events:

  • contributed $30.2 billion in direct expenditure, compared to $28 billion in 2013/14.
  • critically supported Australia’s GDP with a total economic contribution of $24.9 billion, compared to $23.1 billion in the previous period.
  • provided 193,203 direct jobs, increasing from 179,357 in the previous period.

Matthew Hingerty, Chairman of BECA, said “The study provides a compelling case of the direct and indirect impact on the Australian economy and demonstrates why governments and industry should continue to invest in the sector.”

While the report reveals the strength of the business events industry in Australia, on an international level, Australia is falling behind. Key assumptions reflect growth in local (2.7%) and national (13.0%) delegates, with a decline (-3.0%) in international delegates.

“The business events sector is, at times, under-appreciated for the financial and non-financial benefits it delivers to the economy, including its role in enabling global and domestic trade. It can be argued that business events are the mechanisms whereby new trade can be generated as market participants travel to meet each other, study the opportunities, confer, and exhibit their goods and services – further enhancing the Australian Government’s free trade agreements.

“The study reconfirms the business events sector’s dimension, influence and potential. However, the industry and governments must work together to leverage this great opportunity before us,” said Mr Hingerty.

BECA is currently undertaking a process to determine the future research needs of the industry.

Check Also

Stayz goes in battle of US giants

The Stayz holiday rental brand will disappear within weeks as its parent company HomeAway looks to take on the might of Airbnb in the Australian metro market.

Include Airbnb in tax crackdown, tourism bodies demand

Two leading Australian tourism bodies are ramping up pressure on the government to include Airbnb in a tax crackdown on overseas online booking sites.

What do you think about OTAs?

We want to understand what independent properties are doing to compete in Australia’s highly competitive 2018 accommodation market. So we have a new survey and new prizes for participants. 

Leave a Reply

Your email address will not be published. Required fields are marked *