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Are you ready to catch the wave of the next “Fantastic 5”? A new Deloitte’s report (Positioning for Prosperity?…available here) identifies the five sectors that they estimate will overtake mining in the next 20 years and drive Australian growth. They are:-
Gas – Agribusiness – Tourism – International Education – Wealth Management
The report sees international tourism from China growing from 11% in 2013 to 14% in 2033, while total visitor trips more than double from 6.5 million to 13.6 million. If correct this would see Chinese visits increase from about 720,00 last year to over 1.8 million in 20 years. Asia as a whole is seen as a strong growth market with “Other Asia” (excl China and Japan) growing from a 25% share to 28%.
However, the report identifies infrastructure as a limiting factor and notes “An earlier generation of European and American tourists were attracted to Australia by our beaches and outback. While these drawcards remain, tourists from Asia also seek high-end experiences and entertainment. Unfortunately though, our tourism infrastructure hasn’t always kept pace with this changing demand.”
The report also details issues with transport (both to and within the country), lack of rooms (noting that the industry will have to work hard to achieve the Tourism 2020 target of an additional 40,000 rooms) and a lack of skilled staff (estimating 35,000 unfilled jobs).
These are certainly challenges that the TNQ region needs to face up to (and things we have been talking about with business groups in the region for years) but it is encouraging that we are starting to see signs of investment into tourism infrastructure in the region. The Aquis proposal gets a specific, albeit passing, mention in the report.
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