The Albanese Labor Government is delivering on its election commitment to better measure the contribution of business events to the Australian economy.
Business events, such as conferences, expos, and trade fairs, play an important role in Australia, with new data showing it contributed $20.9 billion to Australia's economy in 2023.
This included spending of $10.4 billion on food, drink, and accommodation, $4.4 billion on domestic airfares, and $1.1 billion on tours and entertainment.
Today, we have launched a new business events data dashboard to help the sector better understand and plan for business events travellers across Australia.
Created by Tourism Research Australia (TRA) the interactive, publicly accessible dashboard provides official statistics on business events and related travel expenditure.
This dashboard delivers on our commitment to improve the quality of data on business events, and the data will be updated and released quarterly.
The Albanese Labor Government's commitment has supported TRA to provide more accurate data to the industry, allowing for better analysis of business events travellers, including spending behaviour, type of event and venues attended, as well as the number of days spent at events.
TRA's quarterly statistics, also released today, show that total international visitor expenditure in 2023 returned to 89 per cent of its pre-COVID peak. International visitors spent $28 billion in Australia, an increase of 120 per cent on 2022.
I am encouraged to see more international visitors returning to our shores, as well as Australians continuing to travel for business, and taking the time to unwind and recharge by experiencing our great country.
View the latest data on the Tourism Research Australia website.
Quotes attributable to the Minister for Trade and Tourism, Senator Don Farrell
"Australia has a well-earned reputation as a global business events leader, encouraging both domestic and international visitors to embrace the opportunity to attend our world-class business events and explore the country.
"We've long known that business events generate significant economic activity. They facilitate the exchange of ideas and products, and create new networks that, in turn, stimulate trade and investment, attract talent, foster innovation, and improve productivity.
"The development of this new business events data dashboard will better measure that contribution and help identify opportunities for the industry."
Quotes attributable to Australian Business Events Association CEO, Melissa Brown:
"This is something the business events industry has been working towards, and the Australian Business Events Association is delighted to see the release of this new data and analysis, thanks to the Australian Government's investment.
"The new data will enable the industry to better articulate its value in driving long-term growth for the economy, as well as the role the thousands of suppliers, organisers, venues, bureaux, and local communities play in supporting business events, creating jobs, and empowering industry.
"From a small business meeting in regional Australia, through to international conventions hosting thousands in the cities, the collation of the right data to validate the value of the business events activity is critical to the success of the industry and the economy at large."
