A new study by the University of Sydney has found that the country could generate $30bn in economic activity from tourism by 2050 if the country stays on its current trajectory.
The study, published by the Australian National University, suggests that Australia could boost tourism revenue by up to 30 per cent by 2030 from existing levels, and boost its tourism budget by $1.6 billion per annum, compared to current levels.
The report estimates that in 2050, Australia could be on track to grow tourism revenue from $1bn to $4.2bn.
“This is an ambitious target, but it is achievable,” the report’s lead author, Dr Ian O’Connor, told the ABC.
“The economic value of tourism is enormous and is on the rise.”
According to the report, Australia’s total tourism revenues in 2030 will be $1,821bn, an increase of $200bn on the current year.
“Travellers from all parts of the world will be travelling to Australia for the first time, and will be able to see Australia in a whole new way,” Dr O’ Connor said.
“And this will have an impact on the Australian economy and tourism.”
“Our study finds that the growth in tourism to Australia will result in significant growth in the GDP and job creation.”
Dr O’Connor said that while the growth would be “substantial”, Australia could still have to deal with other economic issues such as a low population, high unemployment and low levels of foreign investment.
He said that the Australian Government had “a lot of challenges” in building a strong, sustainable and attractive tourism industry.
“But we also have a lot of opportunities to do some things that have never been done before, such as invest in our own infrastructure,” he said.
The government will announce its plans to boost tourism by the end of the year.