Destination Guide: Australia

$2.5bn of Australian business events lost each month over COVID-19 shutdown

Immediate support is needed in this ‘dire situation’, says chair of Business Events Council of Australia.

Business events companies in Australia have been hit hard and fast by the rapid escalation of the virus around the globe.

A statement by the Business Events Council of Australia (BECA) says that shutting down events is costing the economy $2.5 billion every month. 

“The business events sector brings in more than $30 billion to the Australian economy, employs more than 193,000 and runs over 430,000 events every year,” said the BECA statement.

“The business events sector had seen a massive reduction in revenue across the entirety of quarter one 2020 and as of this week, revenue is zero.”

Chair of the Business Events Council of Australia, Dr Vanessa Findlay, added: “The business events sector is reliant on the tourism supply chain including venues, accommodation, transport, event organiser, exhibition, catering, audiovisual, decorator, and entertainment businesses and more – most of which are small and medium enterprises.

“We know that these businesses are at immediate risk of closing their doors, some already have, and most have had to let go casual staff and are processing redundancies for the majority of their full and part-time staff now. It is a dire situation for the sector, for the nation, for the world.

“Our immediate focus is on working with the governments of Australia to ensure we can retain as many businesses and jobs as possible including through a package of wages support, loan repayment relief, low or no-interest loans and tax deferrals.” 

BECA and its member organisations are conducting an industry-wide survey to ensure the support the sector receives from the government is targeted at the areas most in need.

The association is also working with the government to design and implement a support package.  

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