Latest News

Back to Latest News back

 

Tourism Investment Monitor shows investment pipeline had a value of $56.1 billion in 2022/23

Tourism Investment Monitor shows investment pipeline had a value of $56.1 billion in 2022/23
February 11, 2024

Rising confidence in the visitor economy has been confirmed with new data from Tourism Research Australia (TRA) showing the pipeline of investment in tourism sector totalled $56.1 billion in 2022/23.

Austrade's TRA annual Tourism Investment Monitor shows investment in 307 projects (up 63 projects from 244 projects in 2021/22) with a value of $56.1 billion (up $11.8 billion up $11.8 billion from 2021/22).

The report's summary advised "with Australia having moved beyond the constraints imposed by COVID-19 and with tourism’s recovery well underway, there is renewed optimism for the future of the visitor economy. The domestic visitor economy is performing well despite cost-of-living pressures. Domestic visitor spend comfortably exceeded pre-pandemic levels in 2022/23, while for the year-to-date October 2023, international visitor arrivals are at 75% of their pre-pandemic level.

“Optimism is, however, counterbalanced by challenging global and domestic economic conditions, including higher interest rates, as well as conflicts that can disrupt travel and affect confidence.

“The most significant growth in the investment pipeline was in the arts, recreation and business services sector.

“Investment in this sector rose by $9 billion, or 56%, in 2022/23 to $25.1 billion through 51 additional projects. Many were new projects to the pipeline identified by reviewing Australian Government and State Government budget papers, an additional data source used for the first time.

The investment pipeline grew in all states and territories.

“With planning for the 2032 Olympics and Paralympics gaining momentum, Queensland led the way by accounting for 42% or $4.9 billion of the total increase in the investment pipeline in 2022/23.”

Among the states, Western Australia had the lowest level of investment in new tourism accommodation and new attractions of any State in 2022/23.”

The Tourism Investment Monitor details investment in three key tourism segments:

Aviation: 19 projects valued at $18.8 billion
Arts, recreation, and business services: 129 projects valued at $25.1 billion
Accommodation: 159 projects valued at $12.2 billion. These projects have the potential to contribute 24,300 rooms to the national accommodation supply.

The report also groups investments by project phase. In 2022/23, there were:

40 projects valued at $13.0 billion in the proposed phase
154 projects valued at $23.3 billion in the planning phase
113 projects valued at $19.8 billion in the under-construction phase.

Click here for more information.

Image: Concept for the Cedar Mill Group's under construction entertainment venue at Lake Macquarie in NSW.

Related Articles

1st February 2024 - Further investment from ACT Government aims to elevate Canberra’s major events

18th January 2024 - Peninsula Hot Springs Group to open new wellness destination in remote Cunnamulla

15th January 2024 - New details emerge of plans for Great Ocean Road hot springs resort

24th October 2023 - New NT tourism research reveals Australians want an early summer holiday

10th October 2023 - Athletes and sports to benefit from $4.8 million ‘Green2Gold2Great’ investment from Commonwealth Games Australia

27th September 2023 - Tourism Research Australia shows Queensland continues to dominate the country’s holiday market

29th June 2023 - Tourism Research Australia data shows visitor spending in Ballarat reached record high

23rd June 2023 - Cedar Mill Group looks to develop concert and tourism destination in Victoria’s Yarra Valley

13th June 2023 - Victorian Government spotlights its investment in outdoor recreation

30th May 2023 - Griffith University tourism researchers use technology to explore visitor behaviour

15th February 2023 - Tourism Research Australia data shows rise in investor confidence

4th March 2022 - Call for tourism industry investment after Western Australia’s border opening

7th October 2021 - Tourism investors launch start-up incubator to catalyse transformation in global hospitality

13th December 2019 - Research shows Victoria’s tourism investment pipeline accounting for one quarter of Australia’s total

11th September 2017 - Scenic World bolsters tourism investment with new Skyway upgrade

6th May 2016 - Perth Cable Car to boost tourism spending and create jobs

12th May 2015 - Australian tourism investment reaches $53.7 billion in 2014

6th November 2012 - Federal Government introduces tourism investment facilitation service


Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

Click here to view our subscription options.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Myzone

Email for trade enquiries: Enquiriesapac@myzone.org  Customer support desk - Click Myzone support or go to ‘help’ on myzone app to access live support. Myzone® is the leading…

read more

Fitness / Sport / Technology / Wellness

 
 

AAC

Welcome to AAC – makers of the world’s best wristbands, lanyards, tickets, tokens and full-service print solutions. We are Australia’s premier global manufacturer and supplier of…

read more

Access / Marketing / Safety / Ticketing

 
 

Vivaticket

As of the 1st July 2018, Enta Australasia Pty Ltd/Best Union has been rebranded as Vivaticket Pty Ltd.  Vivaticket is the ideal strategic partner for the organisation and management of your…

read more

Attractions / Entertainment / Sport / Ticketing / Venues

 
 

Chadson Engineering Pty Ltd

Australia’s leading manufacturer of horizontal and vertical media filters suited to all types of commercial pools, water playgrounds marine parks, aquaculture and zoos. They are an ideal…

read more

Aquatics / Technology / Waterparks

 
 

PerfectGym

Perfect Gym Solutions is a software as a service (SaaS) solution purpose-built to service the fitness industry, with over 1000 clients servicing over two million gym members across 40 countries making…

read more

Access / Fitness / Marketing / Recreation / Technology

 
 

PaySmart

Headquartered in Brisbane with an Australia-wide network of satellite offices, PaySmart is one of Australia’s largest and longest-standing direct debit billing companies. In 1996 we began…

read more

Access / Billing / Fitness / Technology

 
 

Fun Wheels Pty Ltd

Fun Wheels Pty Ltd are the premium dealer in Australasia for the Dutch company BERG’s commercial and domestic products. Our flagship product is their revolutionary pedal go-kart – the…

read more

Attractions / Tourism / Venues

 
 

AlphaFit

AUSTRALIAN MADE. FIT FOR PURPOSE. Based on the Gold Coast, AlphaFit is a leading manufacturer and supplier of Australian gym equipment specifically for the commercial, strength and conditioning,…

read more

Fitness / Recreation / Technology / Wellness

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business