The Australian outpost of international professional services conglomerate Deloitte has identified that country's "super growth" sectors in a new report.
The report is part of the ongoing "Building the Lucky Country" series, which focuses on growth areas that the country must leverage to build the economic engine of the future.
The inspirational series is backed up by data aimed to position the country's intellectual capital to build prosperity for the future. This perspective is catalyzed in the following video from Deloitte:
Co-author, Deloitte Access Economics’ Chris Richardson said in the announcement :
“As the mining wave continues to deliver prosperity for Australia, albeit at a declining rate, our analysis shows there is vast potential to be tapped in five additional super-growth waves of agribusiness, gas, tourism, international education and wealth management.
“Exceptional growth in these five sectors could add an additional $25 billion to Australia’s GDP in 2033 or a boost of about 1% to an economy turning over $2.6 trillion in today’s dollars. As history has shown, global growth alone isn’t enough to deliver success to Australia. We also need an edge, a source of comparative advantage that’s hard for other nations to match, so that the world wants what we have."
Tourism Australia, which has been lauded consistently for its innovative, impactful marketing campaigns and social media presence, is a significant part of this economic growth. Dubbed a "super growth" sector, the report shows that the temperate climate and diverse landscapes that make Australia so topographically appealing is also a significant competitive advantage.
The report shows tourism growth in Australia at 4.1% - more than twice the global growth in GDP.
At a recent Tourism and Transport Summit in Sydney, Hospitality and Leisure Leader, Lachlan Smirl points to the brand building work already completed by the country.
“Brand Australia has, for some time, been about our natural wonders, wide-open spaces, distinctive landmarks and, more recently, our fine food and wine and sophisticated urban centres. And it is these very same assets that are underpinning the next wave of growth.
“The combination of vibrant cities and world class natural assets is a compelling value proposition. Not only are natural tourism assets among the most important drivers of international travel decisions, Australia’s natural assets are ranked number one by 11 of our most significant tourism markets, including, critically, China.
“And the longer term growth story holds even greater promise. China is already our second-biggest source of tourists – and the largest in terms of visitor expenditure – and its prominence, and that of emerging Asia more broadly, will only grow over time as the region’s middle class expands.”
A breakdown of how tourism fits into the country's industry:
The report identifies the following key components in Australia's powerful brand positioning on tourism, as quoted here:
- Proximity to Asia and its burgeoning middle class and the demand for international travel that this is generating (by 2030, two thirds of the world’s middle class will reside in the Asia Pacific region)
- Natural assets: Including nearly 60,000 kilometres of mostly unadulterated shoreline, an average of 3,000 hours of sunshine a year, rainforests, beaches, outback and urban areas
- Safety and languages: Australia is a politically and environmentally safe destination and offers the convenience of being both English speaking and offering other languages
- Vibrant city experiences, including iconic landmarks such as the Sydney Opera House
- Cheaper flights: Increased air access, greater levels of competition and low-cost carriers offering more flights into Australia have created many more affordable options for both leisure and business travellers
- Education: The calibre of our educational sector encourages foreign students to become ‘education tourists’ who in turn encourage friends and family to visit.
In order to most fully leverage these advantages, Smirl points to improving airports, upgrading technology and pursuing policy that supports tourism as ways to achieve the strongest growth in the industry.
"We need to invest in our airports and ensure conditions are attractive for international airlines, especially low cost carriers. Equally, we need to invest in other tourism infrastructure such as hotels and attractions to support and leverage our existing assets.
Travel is an experience, so we need to optimise this experience with a skilled, professional and ‘Asia-ready’ workforce. And we need to continue to embrace technology. Travellers today want to explore and book online and, in what is increasingly proving a great marketing device, they want to share on line. So we need to continue to embrace digital.
“If we can succeed across these areas – if we can orientate our tourism industry to capitalise on the opportunity we are confronting – there is no question the economic benefits for Australia will be significant."
The report is available for download here.