The Australian Government has announced a $2 million commitment to the country’s business events industry to boost the economy post-pandemic. The announcement was made on Global Meetings Industry Day, with Minister Farrell acknowledging the industry’s contribution of $36 billion in total expenditure to the country’s economy.

The Albanese Labor Government will work closely with the industry to measure its contribution to Australia’s visitor economy. The allocated funds will be used to calculate business events data in national and international data sets and bespoke data collection activities.

The program will be implemented in two phases, with Tourism Research Australia already introducing a new suite of questions to the National and International Visitor Surveys since January 2023. The second phase will involve working closely with the Business Events Council of Australia (BECA) to roll out bespoke data collection points nationwide.

Business events are vital in driving Australia’s visitor economy and the broader economy, as they encourage high-yield travel, build networks, support commercial development, and expand business opportunities. The new business events data project is expected to provide better insights for decision-making about the events to target for Australia and how the broader visitor economy can benefit from business event travellers.

According to Trade and Tourism Minister Don Farrell, better data means better decisions, better events, and a more significant boost for Australia’s visitor economy. The new project is critical to the Government’s support for recovering Australia’s business events sector.

BECA Chair Dr Leo Jago OAM welcomed the government’s decision, calling it the single most significant investment in business events research that the industry has seen. He believes the $2 million allocation will establish a long-term framework to most accurately and consistently measure the industry’s economic contribution over the next decade.

The partnership between Tourism Research Australia and the industry in this project will ensure that the correct data are being collected in a manner credible to all levels of government. However, the project’s success relies heavily on the industry’s participation in promptly providing necessary data.

The pandemic severely impacted the Australian business events sector, with many events cancelled or postponed. The new data project is expected to be crucial to the industry’s recovery and growth towards THRIVE 2030 targets.

In conclusion, the Australian Government’s commitment of $2 million to boost the country’s business events industry is a significant step towards economic recovery and growth post-pandemic. The new data project is expected to provide better insights for decision-making and support the industry’s recovery and growth towards THRIVE 2030 targets.

Written by: Jill Walsh

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