As the emerging middle classes grow, so to do their travel budgets. In the next 10 years, the Chinese will account for 1 in 4 tourists. India will represent the largest growth in travellers and Australia will play a role as a leading destination for both. Most countries around the world will benefit from Tourism, excluding the USA who have introduced travel bans, more visa checks and suffer from a stronger dollar. Leading to a 4% decline in International arrivals whilst other countries have experienced double-digit growth. The Economist has released an informative snapshot which has us very excited.
The Wonder from Down Under: Australia has a lot to be proud of, according to The Economist it may be the most successful rich economy in the world.
Beyond the nations blessing of Iron Ore and Natural Gas, it also enjoys close proximity to China. Metaphorically and physically, the country owes one-third of it’s GDP to China.
However, forward thinking policy is what has helped this country achieve its stature. 29% of Australians are born overseas and nearly half have an overseas born parent.
Following the last recession in 1991, some 27 years ago, the government also reformed the health care and pension system requiring the middle classes to pay for a third of their healthcare needs and compulsory superannuation payments from annual incomes. We hope you enjoy the Special Report on Australia in this weeks Economist.