The economic contribution to Australia by Business Events Industry is increasing, according to an updated study from the Business Events Council of Australia (BECA).
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.
“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,” Chairman of BECA, Matthew Hingerty said.
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,” said Hingerty.
BECA is currently undertaking a process to determine the future research needs of the industry.