TTF: Tourism in Australia to almost double in value over the next decade

    Tourism & Transport Forum Australia (TTF), in conjunction with Stafford Strategy, released (12-Apr-2018) their ‘Tourism: Supercharging Australia’s Future’ report. The report projects tourism will be one of Australia‘s largest employers and wealth creators in the next decade, with the number of Australians working in the sector set to almost double and boost the Government’s coffers by up to an additional AUD8 billion (USD6.2 billion) in tax revenue, critically with no new taxes. The report also found that overall tourism spending is expected to grow from AUD130 billion (USD100.9 billion) to AUD204 billion (USD158.3 billion) by 2026, an increase of 57%. Other key findings:

    • Tourism visits are expected to grow by 31% between 2016 and 2026 to 385 million visits p/a;
    • For every AUD1 million (USD776,000) in tourism consumption, seven jobs are created and over AUD750,000 (USD582,000) is contributed in GDP;
    • Net tax generated by the tourism industry is expected to grow from over AUD11 billion (USD8.5 billion) to nearly AUD18 billion (USD14 billion) in 2026 or AUD19.6 billion (USD15.2 billion) with an extra 1% stretch target. [more – original PR]