AFTA records $450k loss
THE Australian Federation of Travel Agents (AFTA) has released its annual report for the 12 months to 31 Mar 2020, with the bottom line impacted by changes in the value of its financial assets.
Revenue for 2019/20 was similar to the previous year at $2.25 million in member and accreditation fees, along with a $78,000 profit on the 2019 National Travel Industry Awards.
However in contrast to the prior year, which saw a $380,000 gain in AFTA’s financial assets, in 2019/20 this swung to a $430,000 deficit, meaning the overall result was a $450,699 loss.
“The Federation ensured that it operated within its means, however as the share market severely contracted in Mar, AFTA’s financial assets was heavily impacted,” according to AFTA Chair Tom Manwaring.
In his foreword to the report, Manwaring said as well as reporting on the 2019/20 year, the update also reflected the “current reality” of the COVID-19 pandemic and actions being taken by AFTA to secure its future.
“At the very onset of the pandemic and government imposed travel bans, AFTA moved swiftly to a monitor and support framework to ensure that our members have the support you need to get through COVID-19,” he said, noting measures including the suspension of membership fees, changes to the annual ATAS renewal period, mental wellbeing crisis support and tailored advice for members.
Manwaring also noted the expansion of political lobbying to make sure key decision makers realise the “multiple and growing challenges our sector faces”.
MEANWHILE the AFTA report also noted the departure of longstanding CEO Jayson Westbury, highlighting his “significant contribution to AFTA and to our industry at an Australian and global level,” as well as game-changing initiatives including leading the sector through the transformation to industry self-regulation.
“His work cemented AFTA’s position as the peak industry body and we thank him for that,” Manwaring wrote, while also welcoming new CEO Darren Rudd who “brings the skills, expertise, networks and vision to champion AFTA and our members so that our voice is heard”.
Manwaring said that as COVID-19 continues to “kneecap travel,” the AFTA Board has an “unwavering commitment to all travel agency owners, whether large multi outlets or single site businesses... that you have a strong voice through AFTA”.