Australia is set to host WTTC’s 24th Global Summit, to be held in Perth, Western Australia in October
The tourism industry in Australia is set to scale a new record peak in the current year as it grows to USD 265.5 billion in tourism receipts, almost 10 pc of the total economy.
These are some of the findings of the 2024 Economic Impact Research (EIR) for Australia, prepared by the World Travel and Tourism Council. In the report, WTTC forecasts that travel and tourism will contribute more to Australia’s economy in 2024 than any previous year on record.
Australia is set to host WTTC’s 24th Global Summit, to be held in Perth, Western Australia in October. WTTC says that the sector is expected to maintain robust growth over the next decade, aligning with the global economy’s growth rate, and is projected to exceed USD 345 billion by 2034.
In a statement, WTTC says that in 2023, jobs in Australia’s travel and tourism sector surged by nearly 10 pc from the previous year, hitting 1.42 million, representing about 10 pc of the national workforce.
WTTC says that its latest research predicts a full recovery of jobs lost during the pandemic this year, with job levels surpassing the 2018 peak by 2026.
Over the next decade, the sector is expected to support over 2 million jobs, representing 12 pc of all Australian employment.
Julia Simpson
“Australia is set to break tourism records. WTTC will throw a spotlight on the value of travel and tourism to the Australian economy when we celebrate the WTTC Global Summit in Perth, Western Australia. The Summit will highlight Australia’s dynamic growth, reflecting travel and tourism’s broader economic recovery and rising employment trends,” says Julia Simpson, President & CEO, WTTC.
WTTC says that in 2023, domestic visitors set a new record for total spending in Australia, hitting USD 146 billion, a new high since 2018.
This upward trend is set to continue, with forecasts predicting spending will reach nearly USD 148 billion in 2024 and soar to almost USD 180 billion in 2034.
It adds that despite reopening its border later than many other major destinations around the world, in 2023, spending by overseas visitors surged by nearly 195 pc, ranking Australia 10th globally for growth in international visitor spending. Spending reached USD 31.6 billion last year, with forecasts suggesting it will near USD 35 billion this year and set a new record in 2025.
By 2034, WTTC predicts international visitor spending will reach almost USD 52.5 billion.
WTTC says that with employment booming and spending by domestic visitors reaching unprecedented levels, the upcoming WTTC Global Summit in Western Australia is set to showcase a sector that’s not just rebounding, but truly thriving.
Looking at the entire region, WTTC says that the sector in Oceania is forecast to contribute USD 337.4 billion this year, 10.7 pc of Oceania’s total. Jobs are expected to grow by 10 pc and reach 2.33 million across the region, equivalent to nearly one in nine jobs.
Domestic visitor spending is expected to reach almost USD 180 billion, an uplift of almost 31 pc since 2019, whilst international visitor spending is projected to recover to USD 65.7 billion and be within touching distance of the 2019 peak.
