Australia's Travel Industry Projected to Deliver an Unprecedented $265 Billion to the Nation's Economy
The city of Perth in Western Australia will play host to the 2024 WTTC Global Summit, a significant event in the world of tourism and travel. Scheduled for October, this global gathering will take place in the region where the tourism industry is set to make a substantial contribution to the economy.
According to the World Travel & Tourism Council (WTTC), the 2024 WTTC Global Summit will be a milestone for Australia. The council's Economic Impact Research predicts that Australia will make the largest contribution to the tourism economy in the Oceania region. In 2024, the Travel & Tourism sector in Australia is projected to contribute $265.5BN to the economy, surpassing its previous peak.
The summit's location in Perth is strategic, as Western Australia is expected to be a key player in the industry's growth. By 2024, international visitor spending in Australia is forecasted to reach nearly $52.5BN, with domestic visitor spending soaring to almost $148BN. These figures represent a significant increase from 2023, when overseas visitor spending surged by nearly 195%, and domestic visitors set a new record for total spending, hitting $146BN.
The growth in the Travel & Tourism sector is also reflected in job creation. In 2023, jobs in this sector surged by nearly 10% to 1.42MN, representing a tenth of the national workforce. By 2026, the sector is expected to surpass the 2018 peak in terms of job levels. Over the next decade, the sector is expected to support over 2MN jobs, representing 12% of all Australian employment.
The 2024 WTTC Global Summit is not just a local event, but a global one. It will bring together industry leaders, governments, and other stakeholders to discuss and shape the future of travel and tourism. With Australia's robust tourism industry and the anticipated growth, the summit is expected to provide valuable insights and opportunities for all attendees.
In conclusion, the 2024 WTTC Global Summit in Perth, Western Australia, is set to be a significant event for the country's tourism and economy. The expected growth in the sector, job creation, and the summit's potential to shape the future of travel and tourism make it an exciting time for Australia's Travel & Tourism industry.
Read also:
- Impact of Alcohol on the Human Body: Nine Aspects of Health Alteration Due to Alcohol Consumption
- Understanding the Concept of Obesity
- Tough choices on August 13, 2025 for those born under Aquarius? Consider the advantages and disadvantages to gain guidance
- Microbiome's Impact on Emotional States, Judgement, and Mental Health Conditions
