$59.8 Billion Investment Pipeline Fuelling Growth Of Tourism Sector
More than 170 tourism investment projects across Australia worth a whopping $59.8 billion (up 12 per cent) are fuelling the expansion of Australia’s visitor economy, creating thousands of new jobs and economic wealth for the nation says the Tourism & Transport Forum Australia (TTF).
According to the latest Tourism Research Australia Tourism Investment Monitor 2016 the tourism investment pipeline has increased by $6.5 billion (12 per cent) to $59.8 billion in 2015 including:
- $37.6 billion in aviation projects (mostly new aircraft),
- $14.6 billion in arts, recreation and business services infrastructure projects, and
- $7.6 billion in accommodation projects providing potentially 15,900 new rooms to supply.
“Tourism is an industry that is growing rapidly and providing billions of investment opportunities for domestic and foreign investors that will deliver thousands of new jobs and economic wealth to Australia,” said Margy Osmond, TTF CEO.
“We are seeing tremendous growth in the global tourism market as more and more people, especially in the Asia-Pacific region, are venturing out of their home nations and exploring the wonders of our world.
“Australia is well placed to attract millions of these new travellers as long as we have the strategies and the investment in place to provide the infrastructure to support their visits.
“The latest Tourism Investment Monitor 2016 shows that Australia is on the right track with airlines making positive decisions to expand their fleets and providing additional capacity for travellers to come to Australia.
“An increase in international visitors means more investment in providing accommodation for them to stay during their holidays and that in turn fuels investment in attractions, experiences and services for them to undertake while here.
“Tourism continues to be a good news story for the Australian economy but we can do so much better with a concerted partnership between Government and industry to allow the sector to reach its full potential.
“The industry encourages Governments at all levels to recognise the positives that stem from policies that support rather than stifle investment, particular international investment, in our flourishing visitor economy.”