Tourism Australia’s Business Events Bid Fund helps to secure nearly A$190 million worth of business events in less than 12 months.
Tourism Australia’s pioneering Business Events Bid Fund (BFP) has helped to attract a series of new events Down Under, with a value of A$187 million (US$134 million).
Launched in May 2018, the AU$12 million national bid fund provides financial support to help attract new international incentive, association, and exhibition events to Australia.
Tourism Australia managing director, John O’Sullivan, says the results demonstrate the fund’s effectiveness in improving Australia’s competitiveness in the global business events market.
“Significantly, the BFP provides critical support for industry at the all-important bidding stage, when the BFP can provide a real competitive edge for Australia by helping offset event costs here,” he says.
On average, every dollar invested by Tourism Australia in securing events through the program has generated A$19 for the Australian economy.
Close to 80 applications have been made since the launch of the BFP, with a focus on international health and direct selling business events.
Fourteen events have been secured for Australia since the commencement of the BFP. These include:
- UITP 2021 Global Public Transport Summit, Melbourne | A$4.6m in economic value for Australia
- 2019 SportAccord World Sport and Business Summit, Gold Coast | A$6.7m in economic value for Australia
- 145th IATA Slot Conference, Brisbane | more than A$3.2m in economic value for Australia
- 13th Congress of International Plant Molecular Biology 2021, Cairns | A$4.2m in economic value for Australia
- Society for Freshwater Science Annual Meeting 2021, Brisbane | A$2m in economic value for Australia
- IEEE Symposium Series on Computational Intelligence SSCI 2020, Canberra | A$2.2m in economic value for Australia
Business events remains one of the most significant sectors of Australia’s visitor economy, and the sector is the second largest contributor to overnight international visitor expenditure after China.
Total expenditure by international business events visitors in the year ending September 2018 was worth A$4.92 billion, an increase of 16 per cent on the previous year.