News National Tourism continues to boost Australian economy: economist

Tourism continues to boost Australian economy: economist


SYDNEY — The boom in Chinese tourism to Australia is continuing to provide a huge boost to the Australian economy, an economist at the Commonwealth Bank of Australia said on Friday.

Senior economist at the Commonwealth Bank of Australia Savanth Sebastian told Xinhua on Friday that even as the Australian dollar strengthens, the tourist levels should continue to rise.

“I think we have seen signs of the growth rate easing compared to twelve or fifteen months ago, with growth rates now at 8 to 10 percent per annum. The pace of acceleration has certainly slowed, but the quantum in terms of the number of tourists will continue to grow,” Sebastian said.

The economist said inflow of tourists has significant knock-on effects for the overall Australian economy.

“It feeds a lot of different sectors, from transport to retail, to cafes and restaurants, even the support sectors around food and deliveries,” Sebastian said.

“It is providing a big win, and you can see it in a couple of the key capital cities across the eastern seaboard.”

But, it was not just the major capital cities in Australia that are benefiting the most economically from this tourism boom, and Sebastian identified one city in particular where tourists from China have had one of the biggest positive impacts of all.

“If you look at Hobart, which is a smaller eco-system and any sort of tourism impact is felt in an even bigger fashion because it just feeds through the economy a lot quicker,” the economist said.

“So, I think it’s (Chinese tourism) a very big positive, and I think it is supporting a lot of the capital cities, particularly on the eastern seaboard.”(Xinhua)


Please enter your comment!
Please enter your name here

Latest news

Cutting unemployment will require an extra $70 to $90 billion in stimulus. Here’s why

By Brendan Coates, Grattan Institute; Matthew Cowgill, Grattan Institute, and Tony Chen, Grattan Institute

What is Dalgona coffee? The whipped coffee trend taking over the internet during coronavirus isolation

By Katherine Kirkwood, Queensland University of Technology If you’ve scrolled through Instagram, TikTok or...

COVIDSafe tracking app reviewed: the government delivers on data security, but other issues remain

By Mahmoud Elkhodr, CQUniversity Australia Over three million people had downloaded the federal government’s...

Virgin Australia was never going to last

By Warren Staples, RMIT University; Andrew Linden, RMIT University, and Mariano L.M. Heyden, Monash University

Donald Trump blames everyone but himself for the coronavirus crisis. Will voters agree?

By David Smith, University of Sydney In absolute numbers, the United States is suffering...

Without international students, Australia’s universities will downsize – and some might collapse altogether

By James Doughney, Victoria University The loss of international students due to COVID-19 restrictions,...

Must read

You might also likeRELATED
Recommended to you