Lofty growth from Down Under

A new milestone: Australia has attracted an estimated A$187 million in business events over the past three months.
A new milestone: Australia has attracted an estimated A$187 million in business events over the past three months.

Australia has almost doubled the total value of business events in the past three months to A$187 million, a new milestone that proves the country's increasing competitive edge in the global business events market. 

The strong multi-million dollar performance has come courtesy of Tourism Australia's Business Events Fund (BFP), which has nearly doubled its previous mark of A$97 million. 

Tourism Australia Managing Director, John O'Sullivan said that the strong growth "is a direct result of the combined efforts of the Australian business events industry in securing these events, with the support of funds through the BFP which came into effect in July last year".

"Significantly, the BFP provides critical support for industry at the all-important bidding stage, when the BFP can provide a real competitive edge for Australia by helping offset event costs here," said O'Sullivan.

More applications have also come through the programme, with nearly 79 since its launched. The majority of applications continue to be for international health and direct selling business events.

Since, the country has secured 14 events, with six of the events publicly announced:
• UITP 2021 Global Public Transport Summit, Melbourne (A$4.6m in economic value)
• 2019 SportAccord World Sport and Business Summit, Gold Coast (A$6.7m in economic value)
• 145th IATA Slot Conference, Brisbane (over A$3.2m in economic value)
• 13th Congress of International Plant Molecular Biology 2021, Cairns (A$4.2m in economic value)
• Society for Freshwater Science Annual Meeting 2021, Brisbane (A$2m in economic value)
• IEEE Symposium Series on Computational Intelligence SSCI 2020, Canberra (A$2.2m in economic value)

The business events sector is Australia's second largest contributor to overnight international visitor expenditure after China. For the first nine months in 2018, the total expenditure by international business events visitors was estimated to be worth A$4.92 billion, up 16% compared to the previous year.

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