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In the next 15 years, the travel and tourism sector in Australia is expected to grow strongly and assist in the country’s exports. This growth, as predicted by HSBC Bank, will be in part fuelled by a rise in real incomes in East Asia, especially China. HSBC accounted that tourism and travel related services, including educational tourism comprised almost 60% of Australia’s service exports in 2015. Overall service exports accounted for almost $50 billion.
HSBC said, “As with education, demand from East Asia and in particular China has driven this growth, and Australia has become a popular overseas destination for Chinese tourists.” Personal travel apart from education has also grown rapidly in Australia over the last 15 years. Growth in tourism and travel exports is expected to increase by more than seven percent annually between 2016 and 2030, as predicted by HSBC.
It also stated that business to business services, such as financial services, would become an ‘increasingly important’ source of revenue. The value of Australia’s services exports, on the whole, would rise almost 7.4% annually to reach $144 billion by 2030 and raw materials would dominate Australia’s goods exports.
Sourse: travelnewsdigest.in
