Tourism Vital to the Economy

The latest data from the Australian Bureau of Statistics show just how important tourism is to the national economy, according to peak industry body, Tourism & Transport Forum (TTF).
The just released Tourism Satellite Account 2007-8, reveals the industry provides direct employment for 497,800 Australians (up 15,000 on the previous financial year), contributes $40.6 billion to Australia's Gross Domestic Product (GDP) and chips in $23.6 billion in export earnings.
TTF Executive Director Olivia Wirth said the statistics clearly demonstrate the crucial economic contribution made by tourism, stating "tourism is a service industry which means itâs labour-intensive, and that makes the sector a major employer.
âJust under half a million Australians are directly employed in tourism, which is 4.7% of all jobs nationwide, and many of those jobs are in regional and rural areas.
âContinuing government investment in tourism infrastructure and both domestic and international marketing will help to retain these jobs and drive economic activity around the country.
âBut while these newly released statistics paint a positive picture of the tourism industry, itâs essential to remember that global financial conditions have changed significantly since the end of the last financial year.
âWhen times are good, destinations compete with each other for tourist dollars, but at the moment, consumers are cautious, confidence is low and tourism is having to compete with other products and service sectors for that discretionary spending.
âConsumers are definitely in the box seat at the moment, with airfares close to record lows and accommodation providers and attraction operators also offering great deals.
âItâs a very competitive marketplace and weâd encourage anyone who can afford it and who has leave accrued to take a domestic holiday.�?
The $40.6 billion contribution to GDP is a rise of 4.4% on 2006-7.
Wirth added "tourism is also a major export industry for Australia, that is 10% of Australiaâs total exports and comparable in size to Australiaâs rural sector.
âDespite the global economic conditions, it remains crucial that Australia continues to be promoted internationally so we maintain market share and are top of mind for consumers when the recovery occurs.
âItâs also especially important at this time that Australiaâs marketing authorities are allowed the flexibility to employ tactical marketing campaigns to focus on countries which are responding well to promotional activities and to tailor those activities for different markets.�?