Prime Minister announces $50 million injection to drive confidence for Australia’s business events
- BECA welcomes $50 million funding announcement which will instil confidence and build momentum for Australia’s business events industry.
- Government funding granted in response to BECA’s Recovery and Rebound Framework which highlighted the devastating impact of the pandemic and the need for business confidence to position itself for a rebound as market conditions improve.
- The impact of COVID-19 on business events has cost Australia’s visitor economy $35.7 billion.
The Business Events Council of Australia (BECA) welcomes the Government’s $50 million funding announcement to support the restart of Australia’s business events industry. The targeted support will drive confidence and create momentum, positioning the industry to rebound as market conditions improve.
Under the Australian Business Events Grants Program, approved business events, including meetings conventions, incentives and exhibitions, will be able to apply for upfront grants to cover up to 50 per cent of their costs (between $10,000 and $250,000). This initiative is part of the Morrison-McCormack Government’s $1 billion COVID-19 Relief and Recovery Fund, which supports sectors severely affected by the COVID-19 pandemic.
The business events industry was one of the first and hardest hit industries by COVID-19 and may be one of the last to recover, due to the long lead times between booking and holding a major business event. By March this year, 96% of business events scheduled for 2020 in Australia had been cancelled or postponed.
Close collaboration with Government led to this announcement as BECA’s Recovery and Rebound Framework highlighted the devastating impact of COVID-19 on the sector and the need for funding to drive business confidence. With a contribution of $35.7 billion to the Australian economy, and employment of 229,000 people, it’s important that the business events industry can recover as quickly as possible.
BECA will now lead the industry’s work with Government on the design and implementation of the Australian Business Events Grants Program. Our goal is to get money flowing throughout the supply chain as soon as possible.
The Business Events Council of Australia Chair, Dr Vanessa Findlay said, “Australia’s business events industry is deeply appreciative of the Federal Government’s support through this grants program. Our industry has been devastated by COVID-19. We can now look to rebuilding business confidence and kick-starting momentum across the entire business events supply chain – for meetings, conventions, incentives and exhibitions. BECA’s goal is to not only support the business events industry itself, but to also maximise the contribution business events make to the recovery of the wider economy. This support package will be pivotal to that.”
Last year over 480,000 business events were held in Australia and over 43 million people attended a business event in the form of a meeting, convention, exhibition or incentive event. In a recent survey conducted by BECA, 67% of businesses said they don’t have any business events confirmed for 2020 and 48% of businesses said they don’t have any business events confirmed for 2021 either.
BECA’s work with Government, and implementation of the Australian Business Events Grants Program, will allow the industry to move to the next phase of recovery and rebound.
Download BECA's Recovery and Rebound Framework.
The following quotes are attributable to BECA members:
Association of Australian Convention Bureaux (AACB)
Michael Matthews, President of AACB said “Australia’s convention bureaux are mindful of the devastating impact the coronavirus has had on their 1,800 members and industry stakeholders across the country. This funding will have a monumental impact on business confidence and the return of business events in Australia”.
Australian Convention Centres Group (ACCG)
Geoff Donaghy, BECA Deputy Chair and representative for ACCG said “I wholeheartedly welcome today’s announcement. The funding package will not only help boost client confidence to start planning events again but, critically, it also acknowledges of the enormous economic, cultural and social value of the business events industry to Australia”.
Exhibition and Events Association of Australasia (EEAA)
Claudia Sagripanti, Chief Executive of EEAA said “The Federal Government’s recognition of the critical role that exhibitions play as a vehicle for economic recovery, is to be commended. This funding will assist in the business events industry getting back on its feet, and doing what it does best - connecting businesses through consumer and trade shows and conferences, to keen buyers of new products and services. We also look forward to the reopening of state borders to support the viability of the industry.”
Meetings & Events Australia (MEA)
Kate Smith, Chair of MEA said “This is much needed support for our industry and recognises the contribution business events can make to the recovery of our economy. Our membership represents the entire supply chain of specialists needed to create and deliver outstanding business events – large, medium and small enterprises as well as sole operators and freelancers. All have been significantly impacted by COVID and this support is a positive step towards our recovery”.
Professional Conference Organisers Association (PCOA)
Barry Neame, President of PCOA said “The establishment of the Federal recovery fund is a wonderful and timely announcement for PCOs and their clients across Australia, trying to run a business event during the most challenging conditions. Once state borders open, with this support we will do our bit to get the Australian economy back on its feet”.
 Lost Business Report: Impacts of COVID-19 on the Business Events Industry, McCrindle, April 2020
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