The Australian tourism industry has welcome a growth three times faster than the Australian economy over the year to June, according to the August edition of the Deloitte Tourism and Hotel Market Outlook. The Deloitte Access Economics has increased its forecast for international tourism, with arrivals forecast to grow at 6.2% per annual (up from 5.4% in February) on average over the next three years. Other key outtakes from the report include:
- Growth rates on both the international and domestic visitor fronts are in record territory.
- While the global economic foundations have weakened, the tourism outlook has strengthened and forecasts have been upgraded.
- Nationally, the hotel development register has strengthened further - however, not enough to offset a buoyant demand outlook.
- Individual hotel market performance outlooks reflect cities' exposure to the growth segments and the highly variable local supply pipeline.
Click here to download the executive summary of the report.