Account LoginAccount Login
Infinite Menus, Copyright 2006, OpenCube Inc. All Rights Reserved.

Foreign tourists lag behind in the spending stakes

Recent figures show that Australia's travel and hospitality industries face leaner times due to the low conversion rate travellers are receiving on their spending money.
05 January 2012
The effects of the high dollar have resulted in a monthly spending reduction of almost AU$450 million (£297 million) in the past year.

Australia's national statistical agency, the Australian Bureau of Statistics reported that earnings from tourism services which were sold to foreigners fell to AU$2.43 billion (£1.6 billion), a 3% drop from October to November 2011.

According to senior Citi economist Joshua Williamson, the Australian mining boom does not cover up the economy's "weak underbelly" due to the flagging tourism industry.

Despite the Bureau of Statistics lowering previous estimates for foreign spending, Australia's trade balance of good and services combined was a little more optimistic with a surplus of AU$1.38 billion (£913 million).

All travellers to Australia from the UK require an Australian tourist visa.