Optimism High for Australia Growth, But Numbers Still Lag 2019
Skift Take
- The World Travel & Tourism Council’s Cities Economic Impact Report showed travel and tourism’s direct contribution to Sydney, Melbourne and Perth’s GDP and jobs continues to rise.
- KSL Capital Partners is among investors that are increasingly keen on acquiring hotels in remote destinations across Australia, New Zealand and the South Pacific.
- A resort in the Blue Mountains that was closed during the pandemic has reopened its doors and has been listed for commercial sale following a multi-million renovation.
The World Travel & Tourism Council’s Cities Economic Impact Report showed travel and tourism’s direct contribution to Sydney, Melbourne and Perth’s GDP and jobs continues to rise. Prolonged border closures in Australia and key markets such as China means visitor spending numbers are still low. In 2019, Perth’s travel and tourism sector contributed over A$4.5 billion to the city’s economy while Melbourne and Sydney totaled A$10 billion and A$13 billion respectively. In 2020 that was dropped by almost half in Perth, two thirds in Sydney and almost three quarters in Melbourne. 2021 saw Melbourne rise to A$4 billion but Sydney and Perth continued to see declines. Last year Perth’s T&T GDP contribution forecast was half of 2019 while Melbourne and Sydney were forecast to be at only 25% and 27% below 2019 levels respectively. Melbourne and Sydney are seeing a much better bounce back for sector jobs than in Perth. Optimism is high as international visitor spend show
