New tourism forecasts reflect challenges ahead for Australia
Daily news, 05 Jan 2009, SYDNEY – A new report issued recently by Australia’s Tourism Forecasting Committee (TFC) indicates that the value of inbound tourism is forecast to fall almost four percent to A$24 billion (over US$17 billion) in 2009, reflecting the large falls in the rate of economic growth in many of Australia’s leading inbound markets.
Offsetting this decrease is a small forecast increase in the value of the larger domestic tourism segment (up nearly two percent), which will drive overall tourism spending in Australia marginally higher to a forecast A$90.6 billion (up 0.3 percent) in 2009.
The TFC has developed this set of forecasts in a period of heightened uncertainty about world economic growth, particularly the depth and timing of the recovery. Significant revisions have been made to previous TFC forecasts four months ago, as key assumptions, notably economic growth and exchange rates, have changed dramatically.
International visitor arrivals to Australia are forecast to decrease by 1.5 percent in 2008 and four percent in 2009 before increasing by over five percent to 5.6 million in 2010.