Tourism in the aftermath of the pandemic?
Team Veye | 02 Jun 2020
Tourism is an important part of the Australian economy. It has long been one of the key areas of its growth. Australia has so many unique advantages in tourism like appealing natural assets and a safe and friendly environment.
But all that changed with the outbreak of this pandemic. The demand among the travellers suddenly slumped. The governments also imposed travel restrictions to prevent the spread of COVID-19.
Further, even in those categories where travel to the country was allowed, the travellers were directed to undertake a mandatory 14-day quarantine at designated facilities in their port of arrival. â€‹
Additional restrictions on cruise ships, including domestic cruises, have also been in place. All foreign cruise ships are legally required to leave Australian waters and no foreign cruise ships may enter Australian waters.
Domestic travelling also suffered a blow since the Australian Government advised that Australians must avoid non-essential travel within Australia. A number of Australian States and Territories also closed their borders and restricted intra-state travel.
When devastation due to bushfires occurred, tourism was employed by states to aid recovery. Domestic tourism may again emerge a leader in driving economy upwards. In any case, this will certainly precede international travel. Already human-contact-free "isolated stay packages" for those self-isolating has been started.
Although all Australian airports remain open the tourists have been missing. The significant tourism attractions are still lying closed. International conferencing has led to virtual, online meetings.
The industry is hopeful that post-COVID-19 safe, clean and wholesome destinations will be more in demand. This could make Australia increasingly attractive and better option.
Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website www.veye.com.au), and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing reports. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.