Tourism investment is taking off
Investor confidence is rising in the visitor economy, with new data out today showing the pipeline of investment in the tourism sector has grown to $44.3 billion.
Austrade's Tourism Research Australia (TRA) annual Tourism Investment Monitor shows investment in projects worth $20 million or more has grown by $1.5 billion in 2021-22. The number of projects in the pipeline has also grown by 9 per cent, from 225 to 244.
The 2021-22 pipeline data shows that the aviation sector has 14 projects valued at $16.7 billion, the accommodation sector has 152 projects valued at $11.5 billion, and the arts, recreation and business services sector (such as convention centres that host large visitor events) has 78 projects valued at $16.3 billion.
Australia's tourism sector has been through an exceptionally difficult period during the pandemic and, while global economic challenges continue, it's wonderful to see investor confidence returning.
New investment in the visitor economy will refresh and expand our range of world-class experiences, paving the way for visitor and spending growth in the years to come.
The data reveals a continuing trend in investment in smaller accommodation developments as visitors, particularly high-yield travellers, seek authenticity and intimacy in their experiences. First Nations culture, eco-resorts, and vineyards all feature in the 2021-22 investment list.
The Australian Government continues to support the tourism sector and Australia's national long-term strategy for the visitor economy, THRIVE 2030. A great example of this support is the $10 million Caravan Parks Grants Program that will see new and upgraded facilities at 111 caravan parks across the country.
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