New Update Further Demonstrates Economic Contribution to Australia by Business Events Industry
Media Release on behalf of Business Events Council of Australia
17 March 2017
NEW UPDATE FURTHER DEMONSTRATES ECONOMIC CONTRIBUTION TO AUSTRALIA BY BUSINESS EVENTS INDUSTRY
The Business Events Council of Australia (BECA) has released an update of its 2013/14 study on the value of the business events industry to Australia’s economy.
The key figures, commissioned from global research firm, Ernst & Young, show that in 2015/16, business events:
- contributed $30.2 billion in direct expenditure, compared to $28 billion in 2013/14.
- critically supported Australia’s GDP with a total economic contribution of $24.9 billion, compared to $23.1 billion in the previous period.
- provided 193,203 direct jobs, increasing from 179,357 in the previous period.
Matthew Hingerty, Chairman of BECA, said “The study provides a compelling case of the direct and indirect impact on the Australian economy and demonstrates why governments and industry should continue to invest in the sector.”
While the report reveals the strength of the business events industry in Australia, on an international level, Australia is falling behind. Key assumptions reflect growth in local (2.7%) and national (13.0%) delegates, with a decline (-3.0%) in international delegates.
“The business events sector is, at times, under-appreciated for the financial and non-financial benefits it delivers to the economy, including its role in enabling global and domestic trade. It can be argued that business events are the mechanisms whereby new trade can be generated as market participants travel to meet each other, study the opportunities, confer, and exhibit their goods and services – further enhancing the Australian Government’s free trade agreements.
“The study reconfirms the business events sector’s dimension, influence and potential. However, the industry and governments must work together to leverage this great opportunity before us,” said Mr Hingerty.
BECA is currently undertaking a process to determine the future research needs of the industry.
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For further comment:
Matthew Hingerty, Chairman
M: 0407 220 945, E: mhingerty@bartondeakin.com
This story was published in:
- CIM News, The value of business events continutes to rise, 17 March 2017
- ETB Travel News, Business events industry proving its worth to Australian economy, 17 March 2017
- Business Events News, Events Worth $30b, 20 March 2017
- Global Travel Media, New Update Further Demonstrates Economic Contribution To Australia By Business Events Industry, 20 March 2017
- Conference & Meetings World, Business events now worth A$25bn to Australia but international delegates drop 3%, 17 March 2017
- Meet Pie News, Australian business events industry grows 8 per cent, 17 March 2017
- Australasian Special Events, New update further demonstrates economic contribution to Australia by Business Events Industry, 17 March 2017
- The Nibbler, Business Events Continue to Amplify Economy, 21 March 2017
- Travel Daily News, New update further demonstrates economic contribution to Australia by Business Events Industry, 21 March 2017
- GMI Portal, BECA Updates Australia's Business Events Value, 27 March 2017