Australian Government confirms $2m commitment to Business Events on Global Meetings Industry Day3/30/2023
"Business events are vital drivers of Australia’s visitor economy and the broader economy. They encourage high-yield travel, build networks, support the development of commercial concepts, and expand business opportunities. The new business events data project is a critical part of the Government’s support for the ongoing recovery of Australia’s business events sector. Better data means better decisions, better decisions mean better events, and better events mean a bigger boost for Australia’s visitor economy." On Global Meetings Industry Day, 30 March 2023, Australian Trade & Tourism Minister Don Farrell acknowledged the value of Australia’s business events sector which contributes $36 billion in total industry expenditure to the economy. The Albanese Labor Government has committed to working with industry to better measure its contribution to Australia’s visitor economy. To do this, the Australian government has allocated $2 million to measure business events data in international and national data sets, including bespoke data collection activities. The program is being rolled out in two phases:
Business events facilitate the exchange of ideas, concepts, systems and products, and create new networks and opportunities. These exchanges and networks, in turn, expand and continue to nourish the economy by stimulating trade and investment, attracting talent, fostering innovation and boosting productivity. New business events sector data and measurements will support decision-making about the events to target for Australia. It will also help the broader visitor economy understand how it can best benefit from business event travellers and increase the chance that international business event visitors will return to Australia for holidays in the future. The Government's decision to invest significant funds to underpin research to estimate the true economic value of business events addresses one of industry's top priorities in post-pandemic recovery and growth towards 2030. The $2 million allocation is the single largest investment in business events research that we have seen and will establish a long-term framework to most accurately and consistently measure the business events industry’s contribution to the economy over the next decade. And further supports our ability to measure our performance as an industry and track our progress against THRIVE 2030 targets. Comments are closed.
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