How Tourists Make Australia RICH! Australia’s Economic Gamble!

 

The foundation of the Australian economy is based on resilience. In the wake of the pandemic, the Australian economy has rebounded rapidly and it is still the 14th-largest economy in the world in terms of nominal GDP (gross domestic product). Australia is also the 24th-largest goods importer and the 21st-largest goods exporter. With a large and growing consumer market and an abundance of natural resources, Australia has a fairly stable economic environment.

Manufacturing Sector

Even though Australia was one of the manufacturing giants during the 1960s with companies like Ford, Holden, Mitsubishi, and Toyota having their hubs in the country, the manufacturing GDP of the country has declined since then

Agricultural Sector

Australia has a lush tapestry of natural resources, ideal for agriculture and irrigation. Even the locals are spoiled with farm fresh produce. Fishing and forestry in Australia is also a booming industry which not only contributes to the nation’s GDP and provides employment but also earns huge sums of revenue from exports.

Australia generated $60.8 billion in direct tourism gross domestic product (GDP) in the financial year 2018–19. It also made up 5% of the total workforce in the country in the same year by employing over 666,000 Australians. Before the pandemic hit in 2019, it was recorded that on an average, Australians travelled four times a year domestically. One in every eight businesses across the country was in the tourism businesses and one in twelve Australians were employed in the tourism sector in 2018-19. That’s not all folks! There was also a massive growth in the number of tourists from countries like India and China. No wonder the tourism sector attracted the riches. Unfortunately, something changed for the worse. The Covid 19 pandemic left the tourism sector gasping for air. But how has COVID affected tourism in Australia?

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