Investment in Australia’s tourism sector remains strong despite the challenges of COVID-19.
According to the 2020-21 Tourism Investment Monitor just published there are 225 tourism projects in the pipeline valued at a combined nearly $43 billion, which is in line with long-run annual values.
As a further sign of confidence in the future of Australia’s tourism industry, 42 projects were completed in 2020-21 and another 46 were added to the pipeline. Highlights include:
- In the accommodation segment, the pipeline contains 133 projects worth $10.5 billion, that will deliver 20,100 new rooms.
- 79 arts, recreation and business services projects, up 10 projects, valued at $15.7 billion
- 79 regional projects valued at $13.6 billion
Minister for Trade, Tourism and Investment Dan Tehan said the healthy figures demonstrated confidence in the future for Australian tourism.
“Australia is the best place in the world to take a holiday and this data demonstrates that we are investing in the future to support local jobs and businesses and to ensure we remain a world-leading tourist destination,” Mr Tehan said.
“Investors are clearly confident about Australia’s future as a world-class tourism destination, and the projects establish a firm foundation on which to build Australia’s tourism recovery.
“These projects represent new Australian jobs and opportunities for businesses and will help underpin Australia’s strong economic recovery from COVID-19.
“Modernising, diversifying and collaborating will be at the core of the tourism sector’s recovery and growth, and these themes are at the heart of the Morrison Government long- term strategy for Australian tourism, THRIVE 2030.”
