Tourism could be next big boom in Australia
Australians may witness the tourism sector playing a major role in economy, overtaking coal as the country's second-biggest export, if things are done the right way.
Currently, Australia is a popular destination choice for the US, Chinese and UK markets. We have become more appealing to these markets due to a number of factors, including the accessibility of flights to and from Australia and the fall of the Australian dollar. For instance, the flights from London to Australia are now 30% cheaper than they were last year, and the fall in the Australian dollar, has made spending a breeze for international tourists. It is estimated that some foreign currencies are currently buying 20-30% more Australian dollar than last year. The decrease in the Australian dollar has also contributed a major boost in domestic tourism, making 70% of the total percentage of Australian tourism.
International visitors spent $33.4 billion in the last financial year, a record-breaking high since the 2000 Sydney Olympics. Australia has also experienced a 21% rise of the Chinese visitors, a major contributor to tourism in Australia, spending $7 billion in the last financial year. Statistics show a 32% increase than the previous year, and Chinese visitor expenditure now accounts for $1 in ever $5 spent by international tourists.
A boom for the Australian tourism economy would greatly benefit from a number of factors. The industry should embrace the rising popularity of business travel, and Australia needs to get the following four components of tourism to work together;branding and marketing; global networks; tourist experiences; and infrastructure. There is also a need to review current visa accessibility to implement a more competitive system, and should consider investment in infrastructure essential to the smooth running of the tourism industry; airports, public transport and events facilities. Airlines will also need to facilitate the increase in visitor numbers, while taking into consideration the remoteness of Australia and the length of flights.
Making these investments in the industry is important to be able to compete with other countries seeking visitors to their destinations.