Dipping Aussie dollar behind slower growth in overseas travel
The latest report by Tourism Research Australia revealed an optimistic travel outlook for Australia despite slower growth in the number of Australians going on holidays overseas.
The report, looking at the year ending June 2015, found that overseas travel among Australians had steadied after growing by over 130% between 2006 and 2014.
Tourism Research Australia said the falling value of the Australian dollar may be a factor in encouraging more Australians to go on a domestic holiday in the approaching summer holiday season.
In the year ending june 2015, growth in domestic travel continued with overnight trips up 5% (to $83.2 million) and spend increasing by 4% (to $55.4 billion) while day trips also rose by 2%. Tourism Research Australia said the growth in overnight trips resulted from a spike in the number of Australians travelling for business and to visit friends and relatives.
The report also found that tourism contributed to AUD $107b in expenditure and AUD $53.7b in the investment pipeline which cements the industry’s position as a key pillar of Australia’s economic prosperity, given recent concerns about mining and the slowdown of the Chinese economy.
“On the back of strong growth in the international sector for the same period, domestic results place tourism in a good position to boost Australia’s economy,” said Tourism Research Australia.
While the depreciating Australian dollar has increased the attractiveness of domestic travel, if you are travelling overseas during the summer holiday season, make sure you compare the market for a competitive travel money deal. You can read our Travel Money 101 guide here or head on over to our Travel Hub for more of these tips and tricks to help you save when travelling abroad.