Travel and tourism are set to contribute more to Australia’s economy in 2024 than ever before, according to the World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR).

After returning to pre-pandemic levels last year, the sector is expected to exceed its previous high, with a projected economic impact of $265.5 billion, accounting for 10% of Australia's economy.

As the host of the global tourism body’s 24th Global Summit in Perth, Western Australia, this October, the sector is anticipated to sustain strong growth over the next decade, mirroring the global economy's growth rate.

Indeed, it is projected to surpass $345 billion by 2034.

Last year, jobs within the country’s travel and tourism sector rose by almost 10% over the year before, reaching 1.42 million, making up a tenth of the national workforce.

According to the WTTC's latest research, jobs lost during the pandemic are predicted to fully recover this year, with employment levels surpassing the 2018 high by 2026. 

In addition, over the next decade, the sector is expected to support over 2 million jobs, representing 12% of all employment in Australia.

Julia Simpson, WTTC President & CEO, stated: “Australia is set to break tourism records. WTTC will throw a spotlight on the value of Travel & Tourism to the Australian economy when we celebrate the WTTC Global Summit in Perth, Western Australia.

“The Summit will highlight Australia’s dynamic growth, reflecting Travel & Tourism’s broader economic recovery and rising employment trends.”

Last year, domestic visitors in Australia set a new record for total spending, reaching $146 billion, the highest since 2018. 

This trend is expected to continue, with forecasts predicting spending to reach nearly $148 billion in 2024 and almost $180 billion by 2034.

Although it reopened its borders later than many other major destinations, spending by overseas visitors in Australia surged by nearly 195% last year, ranking the country 10th globally for growth in international visitor spending.Spending reached $31.6 billion last year, and forecasts suggest it will approach $35 billion this year, setting a new record by 2025. 

Furthermore, by 2034, the WTTC predicts international visitor spending will reach nearly $52.5 billion.