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Property News

Tourism benefits Australia in more ways than one

March 16, 2012

Australia attracts visitors the world over with internationally renowned attractions like the Great Barrier Reef in Queensland, Ayers Rock in Northern Territory and Bondi Beach in New South Wales.

The lucrative tourism industry has the potential to support residential property investment in the country, as a number of visitors stay for months at a time - often requiring a rental property during their stay.

Working holiday visa-holders usually spend a lot when they visit due to the short nature of their stay, therefore injecting funds into local communities.

While there are many foreign visitors coming to get a look at the sites, they are not the only ones heating up the tourism industry.

Figures recently released from the Australian government reveal a six per cent increase in both domestic vacationers and business travellers.

Business people and visiting friends and relatives spent $43.5 billion in tourist funds during 2011, an increase of two per cent from the previous year.

Minister for tourism Martin Ferguson was pleased with the figures: "It shows the resilience of the tourism industry and highlights the opportunities for the sector presented by business travel."

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