Tourism growth forecast backs potential for industry to be Australia’s next economic powerhouse

Tourism is on track to be a $145.1 billion economy for Australia within 10 years and could become a key pillar of the nation’s future economic growth with the right support and stronger investment from Australian governments according to the Tourism & Transport Forum (TTF).

The data showing the tourism industry’s strong potential as a future economic and jobs powerhouse for Australia is contained in the latest tourism forecast figures released by Tourism Research Australia today.

Highlights of Tourism Research Australia’s Tourism Forecast 2015:

International Visitors

  • 7.52 million international visitors to Australia in 2015-16 (up 5.9 per cent);
  • International visitors will spend $35.9 billion in 2015-16 (up 6.7 per cent);
  • On track to exceed 10 million international visitors by 2023-24;
  • China forecast to overtake New Zealand as Australia’s largest source market in 2019-20;

Domestic Visitors

  • Domestic visitor nights forecast to be 324 million in 2015-16 (up 3.5 per cent);
  • Lower Australian dollar and fuel prices influencing more domestic travel;
  • Domestic visitors will spend $76.7 billion in 2015-16 (up 3.4 per cent).

“What the latest tourism forecast figures tell us is that tourism industry has the potential to be an economic and jobs powerhouse for the nation if we get are willing to get behind it,” said Margy Osmond, TTF CEO.

“International and domestic tourists are expected to spend a combined $112.6 billion over 2015-16 (up 4.5 per cent) – that’s growing at nearly twice the rate of the national economy.

“Tourism is an industry that is on the move and now is the time for government to back it up with a renewed economic and investment strategy.

“Deloitte has identified tourism as one of the next big waves for the future of the Australian economy – it’s currently shaping up as a $145.1 billion wave within 10 years but we can make it bigger if we are willing to roll out a bold plan that backs the industry now.

“More tourists, staying more nights, and spending more money, means more jobs for Australians and a wealthier nation.

“It’s an absolute no-brainer for government and industry to work together to put tourism into overdrive to take up the slack in the economy following the end of the mining boom.”