WTTC: Australia's travel & tourism industry to generate USD176bn in 2024

World Travel & Tourism Council (WTTC) forecast (21-Jun-2024) the following for Australia's travel & tourism sector from its 2024 Economic Impact Research:

• Travel & tourism will contribute more to Australia's economy in 2024 than any previous year on record. The sector is poised to surpass its previous peak with a projected economic contribution of AUD265.5 billion (USD176.16 billion), representing 10% of the Australian economy;
• The sector is expected to maintain "robust" growth over the next decade, aligning with the global economy's growth rate, and is projected to exceed AUD345 billion (USD228.91 billion) by 2034;
• In 2023, jobs in Australia's travel & tourism sector increased by approximately 10% year-on-year, reaching 1.42 million and representing a tenth of the national workforce;
• Latest research predicts a full recovery of jobs lost during the pandemic in 2024, with job levels surpassing the 2018 peak by 2026. Over the next decade, the sector is expected to support over two million jobs, representing 12% of all Australian employment;
• Spending reached AUD31.6 billion (USD20.97 billion) in 2023, with forecasts suggesting it will near AUD35 billion (USD23.22 billion) in 2024 and set a new record in 2025;
• By 2034, WTTC predicts international visitor spending will reach almost AUD52.5 billion (USD34.83 billion);
• The sector is forecast to contribute AUD337.4 billion (USD223.87 billion) in 2024, 10.7% of Oceania's total. Jobs are expected to grow by 10% and reach 2.33 million across the region, equivalent to nearly one in nine jobs;
• Domestic visitor spending is anticipated to reach almost AUD180 billion (USD119.43 billion), an uplift of almost 31% since 2019, whilst international visitor spending is projected to recover to AUD65.7 billion (USD43.59 billion) and be within "touching distance" of the 2019 peak.

WTTC president and CEO Julia Simpson stated: "Australia is set to break tourism records", noting WTTC will "throw a spotlight" on the value of travel & tourism to the Australian economy during the WTTC Global Summit in Perth in Oct-2024. Ms Simpson said the summit will "highlight Australia's dynamic growth, reflecting travel & tourism's broader economic recovery and rising employment trends". [more - original PR]