Tourism Australia Creates Multi-Million Dollar Bid Fund for New Events

Australia’s multi-billion dollar business events industry has received a huge boost with the creation of a national bid fund, making $12 million available over the next three years to support bids for new, high-value international incentive, association and exhibition events.

Tourism Australia already supports the Australian business events industry through its marketing communications and distribution development activities, including the Advance Program, which supports delegate acquisition activities for existing international business events taking place in Australia.

Beginning July 1, Tourism Australia will extend its existing support of the Australian business events industry through the Tourism Australia Business Events Bid Fund Program (BFP), which provides assistance to secure new international business events for Australia.

The establishment of the new program was announced by Steven Ciobo, Australia's federal minister for trade, tourism and investment. 

“The Turnbull Coalition Government is focused on growing the lucrative business events sector,” said Ciobo in a written release. “Business events travelers are high yielding, spending on average twice as much as a leisure visitor, often extending their visit to regional parts of Australia and returning for a holiday in the future; making them crucial to the broader Australian economy.”

John O’Sullivan, managing director for Tourism Australia, said that being able to offer financial incentives to help convert bids of national significance into confirmed business would allow Australia to compete more aggressively with the many destinations that already operated national bid funds.

“More and more destinations across the world are operating national bid funds. Australia risks losing market share to our competitors if our business events industry is not able to compete on a level playing field,” said O’Sullivan. “That’s why the new Tourism Australia Business Events Bid Fund Program is a game-changer, allowing us to grow our competitive advantage in this critical and lucrative segment of the visitor economy.” 

Managed by Tourism Australia’s business events unit, Business Events Australia, the program is designed to increase conversion of business for Australia by offering financial support at the critical bidding stage of new international business events. Funds will only be provided for qualified international business events once the event is confirmed and contracted for Australia.

Visit www.australia.com/businessevents

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