Tourism towns given a boost

Tourism towns given a boost

Posted on Tuesday, July 08 2014 at 3:34 PM

Tourism locations around the country are gaining popularity, as more and more international travellers visit Australia.

Tourism arrivals are now at their strongest levels in 14 years,
according to CommSec.

“The number of Chinese tourists hit a record high of 761,600 in May, up
11.9 per cent on a year ago,” CommSec economist Savanth Sebastian says.

“In just under four years, the annual number of Chinese tourists to
Australia has doubled. And although the growth rate has slowed a touch in
recent months, China will still surpass New Zealand as our primary source of
tourists in around four years’ time.”

Sebastian adds the other important development is that overall tourist
arrivals are growing as the fastest pace in 14 years.

He suspects tourism numbers have been boosted by the improvement in the
global economy and also the mildly weaker Australian dollar.

So think Gold Coast, Sunshine Coast and Cairns – and with that,
hospitality jobs.

In fact, Sebastian believes there are clear signs of improvement in the
job market as the economy gathers momentum, underpinned by consumer spending
and housing construction.

“The Reserve Bank would be comforted by the lift in job advertisements,”
Sebastian says.

“However, it’s still early days in the recovery. And the Reserve Bank
Governor (says) the underlying strength in the Australian dollar continues to
hamper rebalancing efforts across the broader economy. While rates are on hold
and the central bank holds to a neutral setting, it’s likely that policy makers
will continue to jaw-bone. That is, talk down the Australian dollar.”

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