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Market Report, "Australia Tourism Report Q1 2014", Published

Fast Market Research recommends "Australia Tourism Report Q1 2014" from Business Monitor International, now available

 

Boston, MA -- (SBWIRE) -- 01/06/2014 -- BMI's Australia tourism report examines a range of market indicators in this lucrative and well established destination in the Asia Pacific region. Australia offers investors enormous long-term potential, with growth expected across all sectors including inbound and outbound travel and industry value. With solid infrastructure investment and strong support from the government, the future is looking very positive for Australia's tourism market.

Growth in inbound arrivals stuttered in 2011, with the number of arrivals to Australia increasing by just 0.07%, due to impact of the lingering global credit crunch that affected many of Australia's major source markets, including the UK and the USA. Growth recovered in 2012, however, reaching 4.75%, and from 2013 onwards we expect to see growth of around 6% to 12% per year, to reach just under 9mn. The growing strength of the Australian dollar could, however, depress travel in future, as Australia increasingly becomes one of the most expensive destinations in the Asia Pacific region.

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At the same time, however, the strength of the Australian domestic economy is leading to an increase in outbound travel, with growth of around 3% per year expected throughout the forecast period. We therefore expect to see an annual outbound travel figure of 15.6mn in 2017, a slight improvement on our previous forecasts thanks to the continuing strength of the Australian economy.

Tourism in Australia benefits from a very well developed transport infrastructure, across air, rail and road travel. This means that despite its remote location Australia offers visitors a range of international air connections and good internal travel options across its vast geographic scope. The country is not complacent, and increasing levels of investment in the air travel industry are expanding Australia's routes to countries within the Asia Pacific region and beyond, particularly with China, the region's economic powerhouse. The hotel market in Australia is also showing positive growth, with many of the top 10 hotel chains developing new properties in the country, reflecting the confidence held in the market.

Recent developments include:

- Investment in the country's air travel infrastructure continues, with Perth, Canberra and Brisbane airports all the subject of redevelopment and expansion plans.
- Outbound travel is expected to show slow but steady growth; by 2017, we expect outbound travel to reach 15.6mn, an improvement on previously forecasted figures as the domestic economy shows signs of further strong growth to boost private financial consumption.
- Inbound travel, after a decline in growth in 2011, is expected to recover and grow year on year to reach 8.9mn by 2017.
- BMI has given Australia an overall Tourism Industry Risk/Reward rating of 70.8, to take third place in our Asia Pacific regional rankings, out of 21 countries.

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