Study highlights the benefits of international business events

A recently released report highlights how international business events play a significant role in building a stronger, more productive and more diverse Australian economy.

The study, Australia’s International Business Events Sector: The Economic and Strategic Value Proposition, focuses on the sector’s contribution to the Australian economy and aims to increase Federal Government support for international business events.

Introducing the study, undertaken by the Association of Australian Convention Bureaux (AACB), in partnership with Deloitte Access Economics, Lachlan Smirl, Director and National Leader of Tourism, Hospitality and Leisure for Deloitte Access Economics stated "there are sound economic arguments to justify government support of international business events and Australia is well placed to capitalise on this opportunity in the business events sector.

"The report outlines the direct economic value, policy alignment, opportunities and challenges of the sector.”

Early in the fiscal year, AACB President Lyn Lewis-Smith and Executive Director Andrew Hiebl delivered the report and its findings to the Federal Office of the Minister for Trade and Investment.

Lewis-Smith explained "with tourism strategically placed within the Trade and Investment portfolio, international business events are being recognized as an opportunity to promote Australia’s industry strengths, increase trade and investment, attract global talent and drive the knowledge economy.

“The high yielding nature of the sector is a significant economic driver for both the visitor and knowledge economies and is an integral contributor to Australia’s tourism 2020 target.” 

In addition, AACB has developed a policy platform derived from the Deloitte report, 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.

AACB Executive Director, Andrew Hiebl said that the report “has opened doors within Government and enabled further consultation with its agencies.

“Our policy platform argues the case for more support at the Federal level through a strategic partnership with industry.”

Alongside Tourism Australia’s Business Events Australia division, AACB has briefed Austrade on the bidding process and supplied case studies that explain how the Australian Government can maximise international business event opportunities.

This consultation process is expected to lead to the introduction of support mechanisms around the event bidding and delivery process for international business events that align with key trade and investment priority areas.

Click here to view Australia’s International Business Events Sector: The Economic and Strategic Value Proposition. 

Image courtesy of the Melbourne Convention Centre.

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