Tourism brings in a record $116.7 billion
International and domestic visitors have contributed a record $116.7 billion to the Australian economy in 2015-16 according to Tourism Research Australia's State of the Industry report released last week. The results show strong headway towards the Tourism 2020 target set jointly by industry and government to boost overnight visitor spending to between $115 billion and $140 billion by 2020.
Our cyber security sector ready to tackle global threats
The Australian Government launched the Cyber Security Industry Capability Report aimed at international businesses and investors this week. The report highlights Australia's strengths and capabilities in combating the growing threat of cyber-attacks and profiles innovative Australian companies making a valuable contribution to global cyber resilience. The report's release coincides with Austrade leading a cyber security trade mission to the world's premier global cyber security conference in San Francisco this week.
Chinese visitor arrivals hit 1.2 million in 2016
Chinese residents made a record number of visits to Australia in 2016 according to figures released on Monday by the Australian Bureau of Statistics. Short-term trips from China have grown from 500 in 1976 to 1.2 million in 2016 making it the country with the highest visitor growth rate over the last 40 years. China has almost caught up to New Zealand as our largest source of visits.
Indicators suggest moderate global trade growth so far this year
The WTO's latest World Trade Outlook Indicator suggests that global trade growth will continue to build moderately in the first quarter of 2017 having strengthened in the final quarter of last year. The WTO's "momentum gauge" draws on solid gains recorded in trade-related indicators including air freight, automobile sales, export orders and container shipping in recent months.
WTO: major runs on the board provides momentum
The soon-to-be-in-force Trade Facilitation Agreement that could boost the global economy to the tune of up to one trillion dollars each year is the centerpiece of a handful of recent achievements, WTO Director-General Roberto Azevêdo said in a speech to the Confederation of Indian Industry in New Delhi this week.
RBA Australian Economic Forum
Australians enjoy a standard of living that relatively few people around the world enjoy, yet we still face challenges, Reserve Bank of Australia Governor Philip Lowe said at the A50 Australian Economic Forum last week. Reinvigorating productivity growth and how best to capitalize on the economic development of the Asian region were two of the central challenges identified.
IMF commends Australia's commitment to open trade and foreign investment
The IMF reflects positively on the resilience of the Australian economy and strong policy frameworks in place in its report on Article IV Consultations with Australia published on 9 February. The report also commended Australia's commitment to open trade, foreign investment and recent innovation-enhancing reforms.
Trade mark image recognition technology empowers Aussie business
IP Australia is at the forefront of technology innovation by becoming the world's first national intellectual property agency to integrate trade mark image recognition technology into its search functions. The new technology mimics human problem solving to simplify the process for SMEs and entrepreneurs to protect their logos and brands by superseding logo search by descriptions.
First Australian eggs reach Korea
The very first shipment of fresh Australian eggs has cracked the South Korean market following the two countries working closely together to agree on market access protocols, the Department of Agriculture reported this week. The South Korean Government has applied a Tariff Rate Quota of 35,000MT with a zero tariff on eggs until at least 30 June 2017.
Did You Know?
Last year almost 267 tonnes of Aussie eggs went overseas, worth $2.4 million. Top markets by value were Thailand, Hong Kong and the US. A further 299 tonnes were exported without their shells, to Hong Kong and New Zealand.
Upcoming Trade Events
Free Trade Agreements Information Seminar
Kununurra, WA, 20 February
Darwin, NT, 21 February
Little Bay, NSW, 3 March
Find out how you can take advantage of Australia's FTAs with China, Japan and Korea at these interactive seminars involving a keynote speech by Assistant Minister for Trade Keith Pitt and sessions run by officials from DFAT, Austrade and other relevant government agencies.
North Asia FTA Training Session for SMEs (ChAFTA)
Newcastle, NSW, 20 February 2017
With the help of a Free Trade Agreement Training Provider Grant, the HunterNet Group Training Company will deliver this seminar on the China-Australia Free Trade Agreement. Sessions will focus on understanding the Chinese market and how ChAFTA can help.
Business SA: Understand and Utilise FTAs
Adelaide, SA, 20 February 2017
Business SA's FTA training sessions are developed and delivered by industry experts with extensive exporting experience in China, Japan and Korea and are targeted towards SMEs, export managers, international sales and marketing specialists and logistics and procurement specialists. The sessions will cover the essential elements of FTAs, including tariff classifications and preferential tariff schedules, rules of origin and certificates of origin. This event will also be held in Port Lincoln on 22 March.
Indonesia Australia Business Week 2017
Multiple Cities, 6-10 March
Minister for Trade, Tourism and Investment Steven Ciobo will lead the second IABW. It will showcase Indonesia's diverse commercial opportunities in five target sectors: the agrifood supply chain – equipment and technology, fintech services and technologies, vocational education and training, water and sustainable urban design, and tourism destination development and promotion. Each sector will offer its own seminars, roundtables, site visits and opportunities to meet and network with Indonesian business, industry and government.
Destination Australia 2017
Sydney, NSW, 16 March
This year's #DestAus17 will bring together top executives from Tourism Australia and leading international companies to focus on the top global megatrends defining travel in 2017; how Tourism Australia is tapping into high-yield international markets to increase the tourism spend; how global political, economic and demographic trends will affect Australian tourism; the latest travel insights from internet search tools, and key factors in growing demand from Asia's expanding middle class.