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Australian tourism industry seeks foreign investment

Several governmental departments have teamed up in order to promote investment, both foreign and domestic, in Australia's tourism industry.
08 May 2012
Tourism Australia had been joined by Austrade (the Australian Trade Commission) and the federal government in publishing a list of 75 possible tourism projects for investors to invest in with the hope of doubling current tourism revenue rates to AU$140 billion (£88 billion) by the end of the decade.

The extensive list of possible projects include a AU$6 billion (£3.75 billion) development on Sydney harbour, a five star hotel in Perth, a 50-storey hotel on the Gold Coast, an eco-safari tent camp in Queensland and the refurbishment of Melbourne's prestigious Hotel Windsor.

A new Tourism Investment Monitor is also to be introduced as part of the scheme which will provide investment data to interested investors.

The Australian government has confirmed that AU$42 billion (26.3 billion) has already been earmarked within existing government funds to support the investment but would need to reach AU$140 billion in order to meet the requirements expected of the industry in the next decade.

Australia looks set to be the main benefactor of an upsurge in outbound Chinese tourists and the country is eager to be prepared for the influx.

"By 2020 Australia could have more than one million visitors from China each year, spending AU$9 billion [£5.6 billion] on an annual basis," said Tourism Minister Martin Ferguson.

"The Australian government is hanging out the 'open for business' sign for tourism."