Cruise boom fires up NSW economy

Wednesday, 31 Jan, 2012 0

A new report estimates the turnover of the New South Wales cruise industry will more than triple from $400 million in 2010-11 to almost $1.3 billion by 2020, while the added value of the industry will rise from $350 million to more than $1.1 billion over the same period.

Commissioned by Australia’s largest cruise operator Carnival Australia, the Deloitte Access Economics report predicts average annual expenditure growth of almost 15 percent until 2020 for the NSW cruise industry.

According to the report, a significant increase in capacity in Sydney in the medium term will drive average annual expenditure growth of 43 percent over the next two years, with total expenditure surging to almost $1.04 billion in 2015-16 and continuing to grow to $1.28 billion in 2019-20.

With total expenditure including passenger, crew and operator spending, the report predicts annual passenger expenditure will rise from $171 million in 2010-11 to $550 million in 2019-20, while operator expenditure will increase from $205 million to $661 million over the same period.

Employment is projected to rise from 3150 to more than 10,000 over the same period.

Carnival Australia CEO Ann Sherry said the report demonstrated the rapid growth of the cruise sector.

“These figures demonstrate yet again that cruising is a dynamic part of the New South Wales economy with its growth set to outstrip the state’s gross state product and the Australian gross domestic product growth rates over the next decade,” Sherry said.

Carnival Australia has also commissioned a report on the national cruise industry, due for release soon.

by Ian Jarrett

Ian Jarrett

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