VTIC welcomes investment in tourism projects

THE Victorian Tourism Industry Council (VTIC) has welcomed the latest results of Australia’s tourism investment pipeline for 2017/18.

The research reveals that tourism continues to provide a strong foundation for the Australian economy, and consistently high demand is creating a need for more tourism infrastructure.

Victoria’s value of the tourism infrastructure pipeline is $11 billion comprising 45 projects, which represents a 25 per cent share nationally, the second highest share across the country.

Victoria is ahead of Western Australia, South Australia and Queensland but behind New South Wales, which has a value of 15 percent. This is a significant jump from this time last year, when Victoria was ranked fourth.

Aviation infrastructure represents more than two-thirds (68 per cent) of Victoria’s pipeline, with major projects including construction of Melbourne Airport’s third runway and the proposed Koo Wee Rup Airport.

Accommodation represents 22 per cent, and arts, recreation and business services represent 10 percent.

Nationally, there were 213 projects in the pipeline with a combined value of $44 billion.

“We are delighted to see that Victoria has made significant improvements from this time last year in its tourism infrastructure pipeline and now represents a quarter of the country’s overall share,” VTIC chief executive Felicia Mariani said.

“VTIC has long advocated for major infrastructure development to meet the growing demands of both domestic and international visitors.

“Our year-on-year growth in visitors from around the world has created a need for more accommodation and Victoria currently has 35 projects in the wings with a total value of $2.4 billion.

“We will have capacity to add almost 7,000 additional rooms to the state, which will mean even more direct and indirect jobs for the industry and serious value to Victoria’s overall economy.”