Mia Taylor
Last updated: Monday, June 24, 2024 at 6:05 PM
Australia’s travel and tourism industry is expected to contribute more to the country’s economy in 2024 than any other year before.
The travel industry is expected to contribute a total of $265 billion to the Australian economy this year, according to a new Economic Impact Review (EIR) report from the World Travel and Tourism Council (WTTC).
Australia’s travel industry is expected to fully recover to pre-pandemic tourism levels in 2023 and continue to grow strongly over the next decade, eventually reaching over $345 billion by 2034.
Travel industry job growth
Australia’s travel and tourism sector not only makes a record contribution to the country’s economy, but also steadily creates millions of jobs.
By 2023, travel-related jobs are expected to grow by about 10% year-on-year to 1.42 million, equivalent to one-tenth of the country’s workforce.
The travel industry is expected to fully recover jobs lost during the pandemic by the end of this year, and by 2026, employment levels in Australia’s travel industry will exceed the country’s 2018 peak.
Over the next decade, the sector is expected to support more than two million jobs in Australia, roughly 12% of all Australian employment, according to the WTTC.
Tourist spending surges in Australia too
Domestic tourists in Australia are set to set a new record with total spending reaching $146 billion in 2023, the highest since the previous record year, 2018.
Tourist expenditure, as well as Australia’s travel industry’s contribution to GDP, are predicted to continue an upward trend over the next decade, reaching $180 billion by 2034. In 2024 alone, domestic tourist expenditure is expected to reach approximately $148 billion.
The number of international visitors to Australia has also surged, despite the country reopening its borders later than many other countries around the world.
International visitor spending in Australia surged 195 percent in 2023. This puts Australia 10th in the world for international visitor spending growth. International visitor spending in Australia reached $31.6 billion last year.
Projections for this year indicate that international visitor spending will continue to grow, reaching approximately $35 billion, and by 2025, international visitor spending could reach a new record high.
Meanwhile, by 2034, international visitor spending in Australia is expected to reach nearly $52.5 billion.
In a report released by the WTTC, the global body said Australia continues to “break records and redefine standards”, all of which “highlights a hopeful and prosperous future” for the country.
“With employment surging and domestic tourist spending reaching unprecedented levels, the WTTC Global Summit in Western Australia will showcase a sector that is not just recovering but truly thriving,” the WTTC report said.
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