AUSTRALIA’S tourism industry, currently worth an estimated AU$18 billion and employing more than 543,000 people, is set to grow strongly over the next five years, say business information analysts at IBISWorld.
Industry revenue is forecast to reach AU$29.7 billion by 2020-21 thanks chiefly to an increase in inbound tourism from Asia.
China has surpassed the previously lucrative Japanese market in visitor numbers, nights stayed and dollars spent, and is now one of the industry’s most valuable markets. Chinese visitors have outspent visitors from Britain by 50 percent.
Over the next five years, India is expected to follow suit, driven by a growing middle class and an increase in the number of young Indians choosing to study in #Australia.
However, Australia’s top five most valuable #tourism sources in 2014-15 included many of its traditional markets such as the UK, US, and New Zealand, as economic recovery continued in these economies.
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