27 Jun MICROECONOMICS OF AUSTRALIAS INTERNATIONAL TOURISM INDUSTRY
Micro Economics of Australias International Tourism Industry
Tourism is a critical industry for Australia. It brings in about $94 billion in expenditure and contributes approximately $34 billion to the countrys GDP. The industry employs more than 500,000 people and constitutes about 10 per cent of its total export earnings, making the country the largest service export sector (Australian Government Productivity Commission 2015, pg. 6). The tourism industry assists to fund significant economic infrastructures such as hotels, airports, and roads. In 2013-2014, international tourism constituted about 1 % of Australia’s GDP (approximately $11 billion) (Australian Government 2015, pg. 11). Comprehending the trends and the international tourism drivers can assist to inform areas of government policy priorities including destination marketing, the support of key events, the funding of investments and regulation in…
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