The staggering amount invested in 2022/23 Australian tourism projects revealed!

Australia Flag Map on Piggy Bank. 3d illustration
Edited by Travel Weekly

    Tourism Research Australia has released the 2022-23 Tourism Investment Monitor which identified an investment pipeline of 307 projects with a total value of $56.1 billion, an increase of 22 per cent or $11.8 billion over the previous year.

    The Tourism Investment Monitor provides an annual update on the investment aspect of the visitor economy’s performance and is a point-in-time measure of investment (planned and committed) in fixed assets related to Australia’s tourism sector.

    The most significant growth in the investment pipeline was in the arts, recreation, and business services sector, which grew by $9.0 billion, or 56 per cent in 2022-23, to $25.1 billion through 51 additional projects.

    Many were new projects to the pipeline identified by reviewing Australian Government and State Government budget papers.

    The investment pipeline grew in all states and territories. With planning for the 2032 Olympics and Paralympics gaining momentum, Queensland led the way by accounting for 42 per cent or $4.9 billion of the total increase in the investment pipeline in 2022-23.

    The report details investment across three key tourism segments and identified the following characteristics for 2022-23:

    • Aviation: 19 projects valued at $18.8 billion
    • Arts, recreation, and business services: 129 projects valued at $25.1 billion
    • Accommodation: 159 projects valued at $12.2 billion. These projects have the potential to contribute 24,300 rooms to the national accommodation supply.

    The report also groups investments by project phase and in 2022-23, there were:

    • 40 projects valued at $13.0 billion in the proposed phase
    • 154 projects valued at $23.3 billion in the planning phase
    • 113 projects valued at $19.8 billion in the under-construction phase.

    Find the whole report here.

    Featured Image: Australia Flag Map on Piggy Bank – iStock/klenger

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