Australian tourism investment reaches $53.7 billion in 2014

New research from Tourism Research Australia (TRA) shows that planned investments in Australian tourism grew by 9% last year, to a value of $53.7 billion last year.

TRA’s latest Tourism Investment Monitor 2015 showed that nNew projects worth $4.3 billion were commenced in 2014, boosting the number of projects from 139 to 168.

Among the planned investments, arts, recreation and business services infrastructure projects were valued at $13.9 billion – up $5 billion, while accommodation projects were valued at $8.5 billion – up $1.1 billion – providing a potential 15,915 new rooms to accommodation supply.

Strong growth also occurred in mixed-use developments (including an accommodation component) – valued at $33.6 billion (up $11.9 billion). The report indicated that these developments have the potential to generate a total of around 18,315 new rooms, separate to those from standalone accommodation developments

Aviation accounted for $31.3 billion – down $1.8 billion – with aviation infrastructure projects valued at $10.9 billion (up $4.1 billion) and aircraft orders at $20.4 billion (down $5.9 billion).

Commenting on the findings, TRA Assistant General Manager, Spiro Kavadias stated “it is important to have a rising number of viable projects entering and progressing through the pipeline in order to deliver new and improved infrastructure to the tourism industry.

“This year’s Monitor shows there is strong investor appetite for Australian tourism opportunities, with 71 new projects entering the pipeline. It’s also positive that 31 projects reached completion in 2014.

“Increasing supply and improving the quality of Australia’s tourism product offering will ensure the Australian tourism industry remains globally competitive, and will also place the industry in a good position to attain its goals set under Tourism 2020.”

Click here to visit the Tourism Research Australia website.

Image shows the recently opened expansion of the Adelaide Convention Centre.

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