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New partnership established to encourage investment in Australian tourism

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A new strategic partnership has been established to promote the many investment opportunities across the Australian tourism industry to foreign and local investors. The five-year partnership, between Tourism Australia, the Department of Resources, Energy and Tourism (DRET) and the Australian Trade Commission (Austrade), was formally announced at a launch event attended by the Minister for Tourism, the Hon Martin Ferguson AM MP at Melbourne’s Eureka Tower. A number of new communication tools were unveiled including the Australian Tourism Investment Guide containing information regarding up to 80 investment-ready opportunities and proposed tourism projects, as well as a marketing video and the micro-site tourisminvestment.com.au. The Guide, the first single-destination site dedicated to assisting tourism investment decision-making, is a major priority under Tourism 2020, Australian tourism’s strategy for sustained, long-term growth. A list of investment-ready projects across Australia, such as Pumphouse Point, a wilderness lodge at Cradle Mountain, Tasmania, and The Landing, a waterfront precinct and accommodation development at Gosford, New South Wales, is now available at the Guide. The inaugural Tourism Investment Monitor, released by Tourism Research Australia, has confirmed it is on track to accommodate anticipated demand with $42 billion available within the investment pipeline. Tourism Australia managing director Andrew McEvoy welcomed the partnership and said, "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." "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" Mr McEvoy said. Austrade CEO, Peter Grey, said "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." "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," Grey said. McEvoy is confident that this new ‘team Australia’ approach will send out a powerful message to both domestic and overseas-based investors that the country’s tourism is ready for investment. "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," McEvoy said. McEvoy noted that the investment attraction program will focus its attention upon the exciting opportunities emerging from the powerhouse economies of Asia such as China, Australia’s fastest growing and highest international spending market. Tourism is Australia’s largest services export earner, and tourism consumption is now valued at $96 billion.

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