New partnership targeting greater investment in Australia's tourism product
02 May 2012
Tourism Australia, the Department of Resources, Energy and Tourism (DRET) and the Australian Trade Commission (Austrade) have joined forces in a new strategic partnership to promote the many investment opportunities across the Australian tourism industry to foreign and local investors.
The five-year partnership was formally announced at a launch event in the Eureka Tower in Melbourne, attended by the Minister for Tourism, the Hon Martin Ferguson AM MP.
In activating the partnership, Tourism Australia, Austrade and DRET unveiled several communication tools including for the first-time the Australian Tourism Investment Guide which outlines up to 80 investment ready opportunities and proposed tourism projects, a marketing video and micro site www.tourisminvestment.com.au creating a single destination to assist tourism investment decision-making.
The guide is a major priority under Tourism 2020 - Australian tourism’s strategy for sustained, long term growth - and identifies tourism investment ready projects across all States and Territories. The investment ready list covers city-based and regional Australia projects, including:
- Perth Waterfront & Waterbank East Perth, Western Australia – five star hotel and mixed use developments
- Moonlight Head on the Great Ocean Road, Victoria - luxury lodges and hotel development
- Pumphouse Lake St Clair at Cradle Mountain, Tasmania – wilderness lodge
- The Landing at Gosford, NSW – waterfront precinct and accommodation development
- State capital CBD accommodation developments in Adelaide, Brisbane and Darwin and Stromlo Forest Park Development, Mount Stromlo (ACT) (Full list available in the Guide or www.tourisminvestment.com.au)
Tourism Research Australia has released the inaugural Tourism Investment Monitor 2012 to provide investors with an overview of the tourism investment pipeline, applying further impetus to support future supply side activity and further grow tourism as Australia’s largest services export earner. The Monitor states A$42 billion is within the investment pipeline placing it on track to accommodate expected demand. See www.ret.gov.au/tourism/research/tra
Tourism Australia Managing Director, Andrew McEvoy, welcomed the partnership noting the collective approach would help to deliver enhanced outcomes for the Australian tourism industry and the wider economy, by demonstrating the case for new and greater levels of investment.
“We acknowledge that investment sourced both locally and internationally, is vital to growing the Australian tourism industry and achieving our industry’s goal of doubling overnight visitor expenditure to up to A$140 billion a year by 2020. This is the level of growth we need to bring new investment to life,” Mr McEvoy said.
“As part of a recently expanded remit for Tourism Australia, we’re broadening our focus to play a greater role to help facilitate tourism investment opportunities and more strongly align demand and supply side activities.”
Austrade CEO, Peter Grey, said that as a joint partner, Austrade endorsed this new whole of government initiative and looked forward to working with Tourism Australia.
“As Australia’s trade, investment and education promotion agency, one of our key responsibilities is to attract foreign investment and our international network will utilise these communication tools to showcase the investment opportunities across Australia’s tourism industry,” Mr Grey said.
“In addition to Australia’s strong accommodation sector, Australia’s economic resilience during the global economic crisis, 20 years of uninterrupted growth to 2011 and close proximity to the Asia-Pacific region provide compelling reasons why Australia is an attractive investment destination.
“Austrade’s global network will be the first port of call for interested foreign investors, providing seamless access to information about all tourism investment opportunities across Australia. We will continue to work closely with State and Territory governments to provide tangible leads that, in the long term, bring tourism infrastructure opportunities to fruition,” Mr Grey said.
Mr McEvoy said the new ‘team Australia’ approach, involving the State and Territory Government investment and tourism agencies, sent out a powerful message to investors that Australian tourism was open and ready for investment – be they domestic based or from Western or Eastern markets.
“Combining our collective experience, skills and resources and speaking to the investment community with one, uniform voice is a significant step and one which I think will be warmly welcomed by investors here at home and overseas,” Mr McEvoy said.
Mr McEvoy said that while the investment attraction program would cover all forms of domestic and foreign investment, Asia would be a priority.
"Australia is within the strongest performing tourism region and largest global aviation market in the world. Our country is poised to take advantage of some of the exciting opportunities being created through the powerhouse economies of Asia, particularly in China, our fastest growing and highest international spending market,” Mr McEvoy said.
Tourism plays a pivotal business role in the Australian economy and is the largest services export earner. Tourism consumption is now valued at A$96 billion, which includes the accommodation sector achieving more robust performance, through rising international and business visitor nights and a growing domestic tourism sector.
Overall Foreign Direct Investment (FDI) into Australia grew by 7.5 per cent to A$473.7 billion in 2010, following inward FDI growth of 11.1 per cent in 2009 over 2008.
For further information contact:
Simon Westaway, Tourism Australia, +61 401 994 627
Sarkis Khoury, Austrade, +61 414 401 072
The Tourism Australia / Department of Resources, Energy and Tourism / Austrade Partnership
The Department of Resources, Energy and Tourism (DRET), Tourism Australia and the Australian Trade Commission (Austrade) have signed a five-year agreement to promote Australia as an attractive tourism investment destination.
The agreement represents a new era of commitment and cooperation within the Australian Government which aims to increase the flow of local and foreign investment into Australia’s A$96 billion tourism industry.
For full details to go www.tourisminvestment.com.au
About the Australian Tourism Investment Guide
A concise and easy to read guide for investors on the ‘what, why, where, who and how’ to investing in the Australian tourism industry. It includes a list of up to 80 investment ready opportunities and proposed tourism projects, as well as useful contacts. The Australian Tourism Investment Guide will be updated on a regular basis. Each of the State and Territory tourism and investment attraction agencies has provided input into the guide and also the list of projects. Copies available at www.tourisminvestment.com.au
About the Australian Tourism Investment Monitor 2012
A new research report provided by Tourism Research Australia (TRA) to assist tourism investment decision making. TRA's Tourism Investment Monitor benchmarks the level of investment in Australia's main tourism related sectors, namely the Accommodation; Transport (aviation); and Arts and Recreation industries. The report assesses recent and current investment activities in these three industries, and also discusses the broader investment climate in Australia. The Tourism Investment Monitor will be a regular TRA publication with copies available at www.ret.gov.au/tourism/research/tra
About the Australian Tourism Investment Micro site
A new online resource which details the investment services offered by Federal, State and Territory Government departments and agencies, designed to facilitate investment during the early stage and actualisation of developments.
Comprehensive summary of investment services and resources at www.tourisminvestment.com.au