The value of Australia’s cruise industry has cracked $5 billion.
The Australian cruise industry’s national economic output reached $5.3 billion in 2016-17, marking the first time it has passed $5 billion, according to a new report commissioned by Cruise Lines International Association (CLIA) Australasia.
Economic output surged 15.4% in 2016-17, easing on the 27% growth recorded the previous year.
The just-unveiled Cruise Tourism’s Contribution to the Australian Economy 2016-17 shows New South Wales remains the dominant state, accounting for 58% of the industry’s economic contribution, but its 6% growth last financial year means its share has dropped 10% in just two years.
“The industry is now contributing more than $5 billion to Australia’s economy but it could be much more,” said md of CLIA Australasia Joel Katz.
“With the nation’s cruise gateway at crisis point, the challenge is to ensure strong economic growth for years to come and the only way to make that happen is to find a solution to Sydney’s capacity constraints.”
Queensland was up 14% to now represent 21% of the national economic contribution, and Victoria experienced a 12% increase to take a 7% share of the national contribution.
More in tomorrow’s edition of Cruise Weekly.