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Australian tourism industry co...

Australian tourism industry contributed $40.6bn to economy last year

The Australian tourism industry contributed $40.6 billion to the country's economy in the 12 months leading up to June 2017, new data reveals.

According to the latest International Visitor Survey results from the Australian Tourism Export Council (ATEC), the sector's economic contribution increased by seven per cent between June 2016 and the same month this year, as more visitors from more overseas markets were attracted to both business and leisure opportunities down under.

In the three months leading up to June 2017, ATEC reported a marked increase in visitors to Australia from the US, as well as Hong Kong, India, Germany and Italy - all of which are markets ATEC wants to build strong relationships with in the future. Visitor growth from each of these nations increased by double digits.

Peter Shelley, managing director of ATEC, commented: "Our industry goes from strength to strength, reflecting the exceptional product experiences, strong investment and long-term commitment tourism businesses have made to making Australia a top destination for international visitors.

"These results, detailing the year-on-year growth across a range of measures, show Australia's tourism exports continue to expand in key markets such as China and Hong Kong, and in strengthening newer markets including India and Malaysia."

He added that he believes more people are interested in holidays and business opportunities in Australia as it has not been affected by any major political events on the level of Brexit in the UK or the controversial election of Donald Trump as president in the US in recent years, providing a destination where travellers can get away from it all for a time.

As a result, the wider Australian tourism industry is able to provide a boost to state and regional economies throughout the country, as well as to the nation's economy as a whole.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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