EVENTS WORTH $30b

THE Business Events Council of Australia (BECA) has found the business events industry contributed $30.2b in direct expenditure in 2015/16, up from $28b in 2013/14.

BECA commissioned Ernst & Young to provide an update on the events industry, which also found business events supported Australia’s GDP with a total economic contribution of $24.9 billion, compared to $23.1 billion in the previous period.

Matthew Hingerty, chairman of BECA, said the study 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.”

Hingerty said the key assumptions of the survey reflected growth in local (2.7%) and national (13%) delegates, however there was a decline of 3% 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,” he said.

The survey also reported business events provided 193,203 direct jobs up from 179,357 in 2013/14.

While the study reconfirms the business events sector’s dimension, influence and potential, Hignerty said the industry and governments must work together to leverage this great opportunity.