Saturday, December 16, 2017

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.

Leave a Reply

Your email address will not be published.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

Check Also

BIG4 Holiday Parks partner with Make-A-Wish

BIG4 Holiday Parks is excited to announce its partnership with Make-A-Wish Australia, the children’s charity that makes the wishes of seriously ill kids come true.

Reservations up

An Australian hotel group has converted its Reservations Centre at its head office in Surfers Paradise to a 24-hour operation to keep up with increased demand.

You can’t change your location, so lever it

There is only one aspect of your property that you absolutely cannot change – your physical address. Renovate, replace staff, add new operations, re-flag or re-brand, it makes no difference; you are where you are!