Federal Government promotes new business events data resource

Federal Minister for Trade and Tourism, Senator Don Farrell has launched a new business events data dashboard to help the business events industry better understand and plan for business events travellers.

Aiming to boost the contribution of business events to the Australian economy, the interactive, publicly accessible dashboard - created by Tourism Research Australia (TRA) - provides official statistics on business events and related travel expenditure.

It provides more accurate data to the industry, allowing for better analysis of business events travellers, including spending behaviour, type of event and venues attended, as well as the number of days spent at events.

TRA's quarterly statistics, also released today, show that total international visitor expenditure in 2023 returned to 89% of its pre-COVID peak. International visitors spent $28 billion in Australia, an increase of 120% on 2022.

Commenting on the resource, Senator Farrell (pictured) stated “I am encouraged to see more international visitors returning to our shores, as well as Australians continuing to travel for business, and taking the time to unwind and recharge by experiencing our great country.

“We've long known that business events generate significant economic activity. They facilitate the exchange of ideas and products, and create new networks that, in turn, stimulate trade and investment, attract talent, foster innovation, and improve productivity.”

Australian Business Events Association Chief Executive, Melissa Brown added “this is something the business events industry has been working towards, and the Australian Business Events Association is delighted to see the release of this new data and analysis, thanks to the Australian Government's investment.

“The new data will enable the industry to better articulate its value in driving long-term growth for the economy, as well as the role the thousands of suppliers, organisers, venues, bureaux, and local communities play in supporting business events, creating jobs, and empowering industry.

“From a small business meeting in regional Australia, through to international conventions hosting thousands in the cities, the collation of the right data to validate the value of the business events activity is critical to the success of the industry and the economy at large.”

Business events, including conferences, exhibitions and trade fairs, play an important role in Australia, with new data showing it contributed $20.9 billion to Australia's economy in 2023.

This included spending of $10.4 billion on food, drink, and accommodation, $4.4 billion on domestic airfares, and $1.1 billion on tours and entertainment.