The resiliency of travel
While we seem to live in a world of volatility, where headlines continuously talk of violence, economic and political disruption, social dislocation and personal security threats, the global desire for travel remains unabated. Rather than hide away from the challenges of an integrated global environment, people are travelling at unprecedented levels and international leisure travel is now seen as a modern life necessity rather than the luxury it once was. In its latest Global Travel & Tourism, Global Impact Update, the World Travel & Tourism Council predicts the travel and tourism sector will remain resilient and continue to grow at a faster rate than the wider global economy. In particular, our South East Asia region will lead this growth through to 2020 and, while China will continue to be a regional powerhouse of travel growth, India is forecast to become the fastest growing travel and tourism economy closely followed by Vietnam and Indonesia. While Australia is in the box seat to gain much from this growth, providing a nearby ‘western’ destination with highly desirable natural assets, our Federal Government still fails to recognise the enormity of our contribution and potential. As we watch the jobs of the past, in the mining and manufacturing businesses across the country, close up or move off-shore, Australia’s economic health will increasingly depend on new sectors and our ability to connect to the demand of new and emerging markets. It is estimated that Asian airlines and their increasing passenger numbers are driving global aviation markets with our region, accounting for up to half of the total annual increase in air traffic by 2020. This increase is being driven by the expansion of low-cost airlines - with Asian budget airlines now accounting for around one-third of the global low-cost carrier passenger market. We are also seeing a new generation of aircraft which will lead to an even greater - and much faster - connectivity beyond the Asian region with non-stop destinations bringing Europe and the US east coast much closer. What is clear is that growth in international travel is strong, new markets are opening up thick and fast, and almost everyone wants to get on a plane and go somewhere new. And how we adapt to these new markets and deliver on their expectations is crucial to our success. ATEC believes we must address this challenge collectively, as an industry and with our government partners. There is an amazing opportunity here for every Australian and while the government and industry remain disconnected, in a push-me-pull-you relationship, we risk falling short of our potential.
Rather than hide away from the challenges of an integrated global environment, people are travelling at levels’ unprecedented