The Hon. Beverley McArthur, Member for Western Victoria, Media Release, 8 October 2024

Victoria’s once-thriving business events sector is in crisis, with recent data from Tourism Research Australia showing a dramatic drop in market share from 36 per cent in 2014 to just 21 per cent in 2024.

Victoria was once the leader in business events, far ahead of New South Wales (27 per cent) and Queensland (15 per cent) in 2014. Presently, Victoria is languishing in third place, trailing behind NSW at 31 per cent and Queensland at 22 per cent.

Member for Western Victoria, Bev McArthur, said, “This shift represents a catastrophic loss of billions of dollars annually to Victorian businesses and communities—an economic blow we simply cannot afford.

“This shocking drop not only threatens our vibrant business community but also endangers the livelihoods of countless Victorians.”

The implications of this decline are particularly dire for regional Victoria, where the total spend from business event visitors is less than half of what is generated in regional NSW and only slightly more than half in regional Queensland.

Mrs McArthur said, “This is not just a numbers game; it is a direct threat to local jobs, local economies, and the very fabric of our communities.

“While major events capture attention, business events contribute ten times more to the economy and happen consistently across the state.

“It’s time to put Victoria back on the map for business events, supporting our small businesses and communities in the process.”