The World Travel & Tourism Council (WTTC) forecasts that 2024 will be a landmark year for Australia’s Travel & Tourism sector. After rebounding to pre-pandemic levels in 2023, the industry is set to achieve an unprecedented economic impact of $265.5 billion in 2024, accounting for 10% of Australia’s GDP. This surge is partly attributed to the upcoming WTTC Global Summit, scheduled for October in Perth, Western Australia, which is expected to drive sustained growth throughout the next decade. By 2034, the sector’s contribution is anticipated to soar past $345 billion, aligning closely with the global economy’s expansion.
Australia’s Travel & Tourism sector saw a remarkable 10% increase in employment in 2023, reaching 1.42 million jobs, which is a tenth of the national workforce. WTTC’s research indicates that the sector will fully recover the jobs lost during the pandemic by this year, surpassing the 2018 peak by 2026. Looking forward, the sector is expected to support over 2 million jobs by 2034, making up 12% of Australia’s total employment.
Julia Simpson, WTTC President & CEO, said; “Australia is set to break tourism records. WTTC will throw a spotlight on the value of Travel & Tourism to the Australian economy when we celebrate the WTTC Global Summit in Perth, Western Australia. “The Summit will highlight Australia’s dynamic growth, reflecting Travel & Tourism’s broader economic recovery and rising employment trends.”
Last year, domestic visitors in Australia reached a milestone, spending $146 billion—a record high since 2018. The momentum is set to continue, with forecasts predicting a rise to nearly $148 billion in 2024 and an impressive surge to almost $180 billion by 2034. Despite a delayed reopening compared to other major destinations, Australia saw a remarkable 195% increase in overseas visitor spending in 2023, placing it 10th globally for growth in international tourism expenditure. Last year’s international visitor spending hit $31.6 billion, with expectations to near $35 billion this year and to set a new record in 2025. By 2034, the WTTC predicts that international visitor spending will soar to nearly $52.5 billion.
As Australia’s Travel & Tourism sector prepares for unprecedented growth, the WTTC 2024 EIR highlights a promising future. With employment booming and domestic spending hitting new peaks, the upcoming WTTC Global Summit in Western Australia is poised to spotlight a sector that’s not just recovering but thriving. Although international visitor spending is expected to remain below 2019 levels by the end of this year, Australia is solidifying its status as a global leader in tourism growth and economic resilience.
For 2024, the sector is forecasted to contribute $337.4 billion, accounting for 10.7% of Oceania’s GDP. Job growth is expected to surge by 10%, reaching 2.33 million across the region, nearly one in nine jobs. Domestic visitor spending is anticipated to climb to almost $180 billion, a 31% increase since 2019. International visitor spending is projected to recover to $65.7 billion, nearing its 2019 peak.
