TOURISM INVESTMENT in AUSTRALIA a Scoping Study
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TOURISM INVESTMENT IN AUSTRALIA A scoping study Sally Driml, Jacqui Robinson, Aaron Tkaczynski, Larry Dwyer A Scoping Study Disclaimer The technical reports present data and its analysis, meta-studies and conceptual studies, and are considered to be of value to industry, government or other researchers. Unlike the Sustainable Tourism Cooperative Research Centre’s (STCRC’s) Monograph series, these reports have not been subjected to an external peer review process. As such, the scientific accuracy and merit of the research reported here is the responsibility of the authors, who should be contacted for clarification of any content. Author contact details are at the back of this report. The views and opinions of the authors expressed in the reports or by the authors if you contact them do not necessarily state or reflect those of the STCRC. While all reasonable efforts have been made to gather the most current and appropriate information, the STCRC does not give any warranty as to the correctness, completeness or suitability of the information, and disclaims all responsibility for and shall in no event be liable for any errors or for any loss or damage that might be suffered as a consequence of any person acting or refraining from acting or otherwise relying on this information. We’d love to know what you think of our new research titles. If you have five minutes to spare, please visit our website or click on the link below to complete our online survey. STCRC Tech Report Feedback Editor-in-Chief Professor David Simmons Director of Research, Sustainable Tourism Cooperative Research Centre National Library of Australia Cataloguing-in-Publication Entry Author: Driml, Sally. Title: Tourism investment in Australia: a scoping study / Driml, Sally et al. Copyright © CRC for Sustainable Tourism Pty Ltd 2010 All rights reserved. Apart from fair dealing for the purposes of study, research, criticism or review as permitted under the Copyright Act, no part of this book may be reproduced by any process without written permission from the publisher. Any enquiries should be directed to: General Manager, Communications and Industry Extension or Publishing Manager, [email protected] First published in Australia in 2010 by CRC for Sustainable Tourism Pty Ltd Edited by Kelly Philip Cover images courtesy of Tourism Australia, Tourism WA (Margaret River), Tourism NT and SATC Printed in Australia (Gold Coast, Queensland) Acknowledgements Sustainable Tourism Cooperative Research Centre (STCRC), established and supported under the Australian Government’s Cooperative Research Centre’s Program, funded this research. The authors wish to thank the many people who participated in interviews and contributed their time and experience to this project. Members of the Industry Reference Group are also thanked for their guidance on this project. ii TOURISM INVESTMENT IN AUSTRALIA CONTENTS ABSTRACT.........................................................................................................................................................VI SUMMARY ......................................................................................................................................................VIII OBJECTIVES OF STUDY .............................................................................................................................VIII METHODOLOGY...........................................................................................................................................VIII KEY FINDINGS ..............................................................................................................................................VIII IMPEDIMENTS IDENTIFIED ................................................................................................................................ VIII SOLUTIONS SUGGESTED ..................................................................................................................................... IX FUTURE ACTION .............................................................................................................................................IX Recommendations for a supply-side research agenda...................................................................................ix Recommendations to governments—local, state and national ......................................................................ix Recommendation to the Australian Government............................................................................................x CHAPTER 1.......................................................................................................................................................... 1 INTRODUCTION................................................................................................................................................. 1 PROJECT OBJECTIVES .......................................................................................................................................... 1 PROJECT SCOPE ................................................................................................................................................... 1 Tourism.......................................................................................................................................................... 1 Tourism industry............................................................................................................................................ 2 Tourism investment........................................................................................................................................ 2 CHAPTER 2.......................................................................................................................................................... 4 METHODOLOGY................................................................................................................................................ 4 CHAPTER 3.......................................................................................................................................................... 7 TOURISM INDUSTRY ECONOMIC PERFORMANCE AND INVESTMENT .......................................... 7 THE TOURISM INDUSTRY .............................................................................................................................. 7 CONTRIBUTION TO GVA AND EMPLOYMENT ...................................................................................................... 8 INDIRECT OR FLOW-ON CONTRIBUTION OF TOURISM TO THE AUSTRALIAN ECONOMY......................................... 8 TRENDS FOR TOURISM IN AUSTRALIA ................................................................................................................. 8 INVESTMENT TRENDS ........................................................................................................................................ 10 COMPARISON OF TOURISM WITH OTHER INDUSTRIES......................................................................................... 10 IMPACT OF THE GLOBAL FINANCIAL CRISIS (GFC) ON AUSTRALIAN TOURISM..................... 12 IMPACTS ON DEMAND ....................................................................................................................................... 12 IMPACTS ON SUPPLY.......................................................................................................................................... 13 CHAPTER 4........................................................................................................................................................ 15 ISSUES FOR TOURISM INVESTMENT IN AUSTRALIA: OVERVIEW OF AUSTRALIAN GOVERNMENT REPORTS ............................................................................................................................. 15 NATIONAL TOURISM INVESTMENT STRATEGY, 2006 TO 2007......................................................... 15 INVESTING IN OUR FUTURE, 2006 ..................................................................................................................... 15 AUSTRALIAN GOVERNMENT RESPONSE, 2007 .................................................................................................. 16 NATIONAL LONG TERM TOURISM STRATEGY, 2008 TO PRESENT................................................. 16 THE JACKSON REPORT, 2009 ............................................................................................................................16 Impediments................................................................................................................................................. 17 Solutions ...................................................................................................................................................... 17 NATIONAL LONG TERM TOURISM STRATEGY AND WORK PLAN, 15 DECEMBER 2009 ..................................... 18 Impediments................................................................................................................................................. 18 Opportunities............................................................................................................................................... 19 iii A Scoping Study CHAPTER 5........................................................................................................................................................ 20 ISSUES FOR PRIVATE SECTOR INVESTMENT ......................................................................................