International business events play a significant role in building a stronger, more productive and more diverse Australian economy.
Around the world, business events are being used as strategic tools for attracting trade and investment as well as global talent. For Australia, hosting international business events offers high yield and long-term benefits accruing from growth in the visitor and knowledge-based economies.
Beyond Tourism Benefits:
Attracting Global Talent
Encouraging Foreign Investment
Nurturing Research Collaboration
Promoting Cultural Exchange
Delivering Community Benefits
Industry Contribution 2012:
900,000 international business events delegates
$2.7 billion delegate spend
Making up 21% of all international and visitor expenditure
50% increase in international delegate expenditure since 2009
21% growth in number of international business events visitors
International conference and convention visitors spend nearly 3 times more than average international visitors per day
Australia's Convention Bureaux FY 2012/13:
$31 million in public sector funding for convention bureaux produced:
$241M GDP in bid wins from business development activities alone
3,270 jobs from bureaux activities
78% if delegates expected to attend international business events won by convention bureaux fall within the 5-Pillar economy
Driving Industry Growth:
High yielding international business events are integral to achieving Australia's Tourism 2020 target of increasing overnight expenditure to $140 billion
Days by international business events delegates have grown at twice the pace of overall visitation over the last four years, while expenditure has grown nearly five times faster
Capitalising on our Advantages:
Convention bureaux directly bid for international business events affiliated with the fastest growing global industries - each of which has been identified to enjoy a relatively high level of advantage
Business events showcase Australia's strengths as a destination to invest, work, live, learn and play in
30% of international business events delegates to Australia are from Asia
Asia represents the fastest growing cohort of international meeting participants, greater than any other market
Promoting Growth and Development in Regional Australia:
46% of business events delegates participate in pre- and post-event tourism
26% of business event delegates are accompanies by at least one family member or friend
60% of business event delegates are likely to visit Australia again within two years
How can you get in on the benefits of business events - by forming a relationship with an Australian Convention Bureaux.
FROM DELOITTE ACCESS ECONOMICS:
"The business events sector augments economic activity well beyond directly measurable metrics, underpinning knowledge creation and exchange, innovation and investment among other positive impact."
"Looking forward, the economic opportunity in the international business events market is a significant one - and, moreover, one that Australia is well placed to capitalise on given our facilities and expertise; attractive tourism assets; and, proximity to fast-growing Asia."
"There are sound economic arguments to justify support of convention bureaux endeavours by all levels of government - arguments which are strengthened in light of both the opportunities and challenges the sector is currently confronting."
"Maintaining and enhancing Australia's position as a leading business events destination will require increasing focus and effort from both industry and government."