Australia’s tourism investment pipeline has risen to $63.4 billion across 346 projects as at 30 June 2024, according to the latest Tourism Investment Monitor report released today by Tourism Research Australia (TRA). This figure is the highest on record.
There is significant project growth in the aviation sector, along with the arts, recreation, and business services sector. The aviation sector investment pipeline has expanded to $23.1 billion with 22 projects underway. These include the development of Western Sydney International Airport at Badgerys Creek, a new terminal at Brisbane International Airport, and plans for a new Qantas terminal in Western Australia.
Arts, recreation, and tourism business services have seen an impressive increase in investment of $3.8 billion relative to last year’s assessment, reaching a total of $28.9 billion across 160 projects. Key projects in this sector include:
The accommodation sector has 164 projects in the pipeline valued at $11.4 billion. These developments have potential to add 23,700 rooms to meet the growing demand for accommodation across Australia.
Head of Tourism Research Australia, Grant Ferres, said that the pipeline reflects an industry investing for sustained growth.
“The strong and increasing pipeline of tourism investment projects indicate the industry is confident about the future of Australia’s visitor economy.”
TRA, Australia’s official provider of tourism statistics, also recently released its ‘Tourism Forecasts 2024–2029’ report. The report predicts international visitor numbers will recover to pre-pandemic levels by 2026, with domestic visitation already exceeding pre-pandemic figures in 2024. The forecasts also indicate that over the next 5 years, international and domestic travel will continue to grow.
Read the full TRA’s Tourism Investment Monitor report.