The Business Events Council of Australia has released data highlighting the impact of COVID-19 on the industry, helping build the case for industry-specific support from government.
The data shows that $35.7 billion worth of direct expenditure will be lost over the next 12 months, with 96 percent of events in 2020 either postponed or cancelled.
A study of businesses across the MICE industry projects that a further $17.2 billion of ‘direct value’ to the economy (on top of the loss in direct expenditure) will also go.
An estimated 92,000 event industry jobs are expected to be lost between the end of 2019 and June 2020.
Nearly 60 percent of businesses working in the industry think it will take them over a year to recover once the restrictions lift.
“On behalf of the industry, BECA has moved quickly to develop the coordinated COVID-19 Business Events Response and Recovery Framework and is working closely with Government on its implementation,” BECA Chair, Vanessa Findlay said.
“Supported by a well-developed policy aligned to Australia’s competitive strengths, the business events industry will play a critical role in the recovery and rebound of Australia’s broader economy from this pandemic.”