Tourism and Transport Forum (TTF) CEO Margy Osmond reported (02-Mar-2020) the economic impact of coronavirus will be “greater than the bushfires and it will play-out more broadly across the Australian economy. What is unique about tourism is that we have been directly in the firing line for both crises”. Tourism and Transport Forum 2020 estimates:
- International Visitation: -40% Jan-2020 to Jun-2020 year-on-year;
- International Receipts: Monthly average loss after Mar-2020 in total tourism receipts from all inbound markets AUD2 billion (USD1.3 billion) per month;
- Permanent staff reduction of at least 15% to 20% over a 12 month basis;
- Lost salaries and wages into broader economy: AUD3.9 billion (USD2.6 billion) to AUD5.3 billion (USD3.5 billion);
- Lost PAYG tax contributions: AUD1.1 billion (USD720 million) to AUD1.6 billion (USD1 billion).
Ms Osmond stated: “The figures are stark. Although we have a robust health system, this global health crisis comes at a time when Australian tourism is already on its knees”.