• Australia Key City Hotel Market Outlook June 2022 Edition   

Horwath HTL;

The Australian business outlook forecasts growth in 2022- 23. The unemployment rate is expected to moderate to an average of 3.8%, population to expand by 276,000 people, almost double the increase in 2021-22 and more than 290,000 people to join the labour force in 2022-23.

The opening of the border earlier this year has helped international migration to begin its recovery path data from March 2022 suggests a slow short-term recovery with forecasts to return to the 2019 level around June 2024.

The latest Domestic Tourism Forecasts as published by Tourism Research Australia in December 2021 has presented the following outlook:

  • 'Domestic tourism is forecast to return to around its pre-pandemic level in 2022-23, then surpass that previous peak in 2023-24.'
  • 'Domestic tourism in Victoria is forecast to take longer than other states to return pre-pandemic levels. This reflects prolonged lockdowns over the past two years.'
  • 'New South Wales and the other territories also follow a slightly slower path in the near-term because of recent lockdowns.

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