Report reveals business events contribute $23.1 billion to Australia’s GDP

Business events brought in $23.1 billion in total economic contribution in the financial year 2013/14, according to a new Ernst & Young report commissioned by the Business Events Council of Australia (BECA).

The report, The Value of Business Events to Australia, shows that over 37 million people attended more than 412,000 business events across Australia in the 12 month period, generating $28 billion in direct expenditure and providing 179,357 jobs.

The first major research on the Australian business events sector in a decade confirms that it is a major driver of the Australian economy. BEC Chairman Matthew Hingerty said the study provided compelling evidence of the direct and indirect impact on the Australian economy and will demonstrate why Governments and industry should continue to invest in the sector.

Hingerty explained “business events are an economic powerhouse – they foster trade, export, investment, diplomacy, education and knowledge transfer.

“They also generate employment, tax revenue and stimulate the visitor economy with their benefits spreading across both city and regional economies.

“This study demonstrates the enormous reach of business events beyond their tourism contributions and reveals how business events support all industries to deliver their goals; acting as levers to do business, launch new ideas, identify trends, spread news of research breakthroughs, and equipping people to meet the challenges of change.”

Federal Minister for Trade and Investment, Andrew Robb, said that business events are extremely important in promoting Australia to the world.

Minister Robb added “the high-yield economic benefits of hosting business events are key contributors to the government’s economic diplomacy agenda, and are highly effective vehicles for driving industry growth, which is in keeping with the government’s trade and investment priority areas.”

While the report reveals the strength of the business events industry in Australia, on an international level, Australia has slipped in its rankings from 13th in 2012 to 16th in 2013, in the latest International Congress and Convention Association (ICCA) rankings. ICCA measures the frequency of rotating association meetings taking place in 90 countries around the world.

Hingerty concluded “the report gives strong evidence of the power of our industry, however, on a world stage, we are losing market share.

“We believe that business events sector is the ‘sleeping giant’ of the Australian economy.

“With an end to the mining boom and the decline in manufacturing, the sector has the ability to be a leading force for Australia’s future prosperity.

“This study will enable the business events sector to prove its dimension, influence and potential and provide a compelling picture of the power of business events.

The study was co-funded by the Australian Government, under the T-QUAL Grants Program and the Australian business events industry.

The full report The Value of Business Events to Australia is available at www.businesseventscouncil.org.au

Image credit: Stewart Donn

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