The Tourism & Transport Forum Australia (TTF) has welcomed today’s announcement that the Federal Government will establish a national bid fund to draw more lucrative business events to Australia.
TTF Chief Executive Margy Osmond said the new $12 million Tourism Australia Business Events Bid Fund Program will also help restore Australia’s competitiveness in attracting high-yield international events.
“Establishing a national bid fund was a key plank of TTF’s 2018-19 Federal Budget submission, and while we would have liked to have seen more substantial funding allocated towards this fund, this is a very welcome start,” Ms Osmond said.
“Our goal is to see Australia once again sit amongst the top ten most popular countries to host international conventions, and this fund will certainly help make Australia more attractive than our global competitors and increase market share in this lucrative tourism area.
“It will also complement the fantastic work our state-based destination marketing agencies have been doing to lure more big-ticket business events to Australia.
“We certainly have no shortage of world-class conference infrastructure, with facilities such as the International Convention Centre Sydney, Brisbane Convention and Exhibition Centre, Melbourne Convention and Exhibition Centre and the Adelaide Convention Centre, and now it is time to bring more word-class events into our own backyard.
“Business events are a particularly lucrative market with visitors often spending up to four times more than regular tourists on accommodation, restaurants, entertainment, shopping and transport.
“However, the net worth of business and conference events far exceeds their hard dollar value – they promote and showcase local innovation to the world, attract investment and bring national and international leaders into cities they would otherwise not have visited.
“TTF congratulates Minister for Trade, Tourism and Investment, Steven Ciobo, and Tourism Australia on their commitment to grow this very important and high-yield part of our visitor economy.”