Friday, April 20, 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.

Leave a Reply

Your email address will not be published.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

Check Also

Aussie booking habits laid bare

A new study has revealed that most travellers Down Under do their holiday research on mobile phones, but book trips further afield on a desktop.

Tapping into the lucrative cashless economy

China’s cashless economy is spreading throughout Australia and New Zealand as its tourists look to pay in the same way they do at home.

Passenger lost overboard on luxury Pacific cruise

The luxury cruise liner Pacific Dawn docked in Brisbane this weekend, having failed to find a passenger lost overboard off New Caledonia.