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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Could Tourism Australia get 2.2 million bonus visitors?

By Cameron Micallef

June 09 2020
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Invest

Could Tourism Australia get 2.2 million bonus visitors?

By Cameron Micallef
June 09 2020

The Australian economy could receive a strong boost through the tourism sector, as domestic travel has the opportunity to attract 2.2 million bonus visitors, new research has found.

Could Tourism Australia get 2.2 million bonus visitors?

By Cameron Micallef

June 09 2020
Share

The Australian economy could receive a strong boost through the tourism sector, as domestic travel has the opportunity to attract 2.2 million bonus visitors, new research has found.

Statistics released by Roy Morgan have shown that 2.2 million Australians were planning to spend their dollars overseas as of March, with domestic tourism having the opportunity to attract these travellers.

Domestic and international tourism provides a key economic boost, with Tourism Australia showing it directly added $60 billion in GDP in 2019.

It also employs over 660,000 Australians as well as total overnight tourism spending being over $126 billion a year.

Roy Morgan CEO Michele Levine highlighted how the tourism sector can use this boost to overcome recent struggles.

“COVID-19 hasn’t only closed our borders to non-essential travel, it has also brought widespread economic hardship and many people have been forced to change their holiday plans as a result. But there is still a major opportunity here for Australian travel and tourism operators, who have been hit particularly hard by pandemic-related restrictions,” she said.

With domestic tourism accounting for over $80 billion in revenue, Ms Levine noted the opportunity for the economy.

“Looking at the number of Australians who intended to travel overseas and at their planned holiday duration, we can see that in total, 43 million nights were to have been spent overseas before COVID-19 changed everything. If even half of those nights are converted into local travel, it will be a huge boon to the domestic industry. Canny operators will present these thwarted travellers with options for trips that are longer than the usual close-to-home weekend getaways in order to more closely match the plans they have had to abandon.”

However, the CEO noted it is not a dollar-for-dollar comparison, with domestic tourism often being shorter than overseas travel.

“On average, domestic holidaymakers intend to spend less than four nights away, whereas those planning overseas trips were intending to be away for almost 20 nights – more than five times as long,” Ms Levine concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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