Business events are so important to Australia's events sector
One in five dollars spent by international visitors in Australia is spent by an international visitor attending some form of business event, with expenditure by international business events delegates generating an estimated $2.2 billion in GDP in 2012, according to a new report by the Association of Australian Convention Bureaux (AACB). The study, in partnership with Deloitte Access Economics, Australia’s International Business Events Sector: The Economic and Strategic Value Proposition, highlights the sector’s contribution to the Australian economy and aims to increase Federal Government support for international business events. It notes that international business events delegates spend on average 21% more than other international visitors over the course of their trip.
Convention bureaux in Australia secured 356 international business events in the 2013 financial year, a 68% success rate which had remained relatively stable over the last four years, the report said.
Challenges identified for the future included growing international competition for staging business events.In addition, AACB has developed Business Events: Delivering Economic Prosperity for Australia that positions the industry as an economic action strategy for the Australian Government through the business events pipeline, including:
1. International Marketing
2. Bidding – identifying comparative advantage
3. Event delivery – maximising opportunities
4. Realising the return on investment.
Now the Federal Government has entered into a formal partnership to assist the industry during the bidding and event delivery process. The framework delivers on the Coalition’s pre-election commitment to support key international business events and strategically aligns the Federal Government, through Austrade and Tourism Australia, to work with Australian convention bureaux and the business events sector to attract world-class events to Australia.