AUSTRALIA is once again home to some of the biggest tourist destinations in the world.
The number of international arrivals has rocketed from just under 100,000 in 2009 to over 4.5 million in 2016.
The boom has been fuelled by a massive expansion of the international tourist industry in recent years, with a combined global tourist output estimated at $15.5 billion.
With the rise in tourism, the number of Australians visiting other countries has also increased by over 200 per cent, according to the Australian Bureau of Statistics.
However, as the country has continued to grow its tourism profile, there has also been an increase in Australians visiting Australia on business trips.
Australia has seen a growing number of visitors from around the world in the past decade, but there has been a sharp decrease in visitors from the United States.
A total of 5.1 million Australians visited Australia in 2016, down from 6.3 million in 2015.
Australia was the most popular destination for Australians on business travel in 2016 with 8.4 per cent of Australians travelling on business, according the Australian Institute of International Affairs.
While the growth of Australia’s business travel has helped the country gain a reputation as a place to do business, it is a positive sign for tourism.
The country’s tourism economy has grown by more than 50 per cent since 2009.
But Australia’s growth has been underpinned by a relatively small number of people.
As the country’s population has grown, so has the number who are visiting Australia.
In 2015, the Australian population was 5.9 million.
Today, the country is estimated to have a population of 8.3 billion.
However that number is predicted to continue to grow.
A study published by the Australian National University (ANU) last year estimated that by 2040, the nation’s population could increase by over two-thirds to 14.2 billion.
Australia’s tourism industry employs more than 14 million people and provides the country with a substantial part of its revenue.
The study estimated that about $2.6 billion of Australia is generated through tourism every year.
Australian businesses account for more than a quarter of all tourism revenue, according a report by the Commonwealth Bank.
While Australia’s economy is still struggling to recover from the global economic downturn, the economic boom has seen the country emerge from recession.
Tourism revenue has grown from just over $600 million in 2009 and remained steady until 2014.
But that has changed since then.
A surge in business travel, particularly during the past couple of years, has contributed to a sharp drop in tourism revenue.
While it was down by $5.7 million in the first half of the year, it has grown steadily in the subsequent months.
Tourism is expected to grow by just under $2 billion by 2021.
Australia continues to experience a boom in tourism and the economic outlook is encouraging.
In 2017, the International Tourism Organization predicted that tourism spending would hit $11.6 trillion, up from $9.9 trillion in 2016 and up by another $1.3 trillion by 2031.
This has contributed significantly to the country gaining a reputation for being one of the world’s leading destinations for international business.
However the industry still faces challenges.
A key issue for the Australian tourism industry is the high cost of tourism.
According to the ANU study, tourism revenue has risen from $600m in 2009.
Today it is estimated at over $7.6 million.
The cost of a single trip in 2017 was $23,400.
According the ANUS study, it costs $2,500 to $2 a day to stay in one of Australia ‘s 25,000 hotels.
Tourism spending is projected to reach $2 trillion by 2021, a growth of over 50 per and an increase of $1 trillion in the next 10 years.
With such a large increase in the number visiting, the industry needs to keep up with the growth in demand.
The ANU has already identified two major challenges for the industry.
The first is that the Australian Government has not set an adequate level of funding for the sector, with the Government forecasting the industry will only get to $3.1 billion in 2021.
The second is that Australia has a low level of infrastructure for tourism in some parts of the country.
This will limit the growth that can be brought to the industry by attracting more international visitors.
It is hoped that the Government can increase the level of international investment to ensure that Australia can continue to enjoy a highly competitive tourism industry, while meeting its international obligations.