The Association of Australian Convention Bureaux (AACB), in partnership with Deloitte Access Economics, has undertaken a robust study on the benefits of international business events.
The study, Australia’s International Business Events Sector: The Economic and Strategic Value Proposition, highlights the sector’s contribution to the Australian economy and aims to increase Federal Government support for international business events.
“There are sound economic arguments to justify government support of international business events and Australia is well placed to capitalise on this opportunity in the business events sector,” said Lachlan Smirl, Director and National Leader of Tourism, Hospitality and Leisure for Deloitte Access Economics. “The report outlines the direct economic value, policy alignment, opportunities and challenges of the sector.”
Early in the fiscal year, AACB President Lyn Lewis-Smith and Executive Director Andrew Hiebl, delivered the report and its findings to the Office of the Minister for Trade and Investment.
“With tourism strategically placed within the Trade and Investment portfolio, international business events are being recognised as an opportunity to promote Australia’s industry strengths, increase trade and investment, attract global talent and drive the knowledge economy,” said Lyn Lewis-Smith. “The high yielding nature of the sector is a significant economic driver for both the visitor and knowledge economies and is an integral contributor to Australia’s tourism 2020 target.”
In addition, AACB has developed a policy platform derived from the Deloitte report, Business Events: Delivering Economic Prosperity for Australia that positions the industry as an economic action strategy for the Australian Government through the business events pipeline, including:
- International Marketing
- Bidding – identifying comparative advantage
- Event delivery – maximising opportunities
- Realising the return on investment.
“The Deloitte report has opened doors within Government and enabled further consultation with its agencies,” said AACB Executive Director, Andrew Hiebl. “Our policy platform argues the case for more support at the Federal level through a strategic partnership with industry.”
Alongside Tourism Australia’s Business Events Australia division, AACB has briefed Austrade on the bidding process and supplied case studies that explain how the Australian Government can maximise international business event opportunities.
It is anticipated that this consultation process will lead to the introduction of support mechanisms around the event bidding and delivery process for international business events that align with key trade and investment priority areas.