The Business Events Council of Australia(BECA) has released an update of its 2013/14 study on the value of the business events industry to Australia's economy.
The key figures, commissioned from global research firm, Ernst & Young, show that in 2015/16, business events:
Matthew Hingerty, Chairman of BECA, said "The study provides a compelling case of the direct and indirect impact on the Australian economy and demonstrates why governments and industry should continue to invest in the sector."
While the report reveals the strength of the business events industry in Australia, on an international level, Australia is falling behind. Key assumptions reflect growth in local (2.7%) and national (13.0%) delegates, with a decline (-3.0%) in international delegates.
"The business events sector is, at times, under-appreciated for the financial and non-financial benefits it delivers to the economy, including its role in enabling global and domestic trade. It can be argued that business events are the mechanisms whereby new trade can be generated as market participants travel to meet each other, study the opportunities, confer, and exhibit their goods and services – further enhancing the Australian Government's free trade agreements.
"The study reconfirms the business events sector's dimension, influence and potential. However, the industry and governments must work together to leverage this great opportunity before us," said Mr Hingerty.
BECA is currently undertaking a process to determine the future research needs of the industry.