Is travel industry ready for a take-off?
Team Veye | 14-Nov-2021
After some tough time for travel industry, particularly FY21, things are seen to be gradually improving.
International travel restrictions were adopted late in FY20 and extended throughout FY21, along with curbs on other everyday activities. Travel restrictions were now being relaxed globally leading to growing optimism for the industry.
Travel is finally poised to take off with some important routes now open or expected to reopen soon. The likely reopening of Australia outbound has already led to a surge in enquiries for most key locations.
Research shows there's huge pent-up demand for people wanting to come to Australia, though most potential foreign travellers fear they could be caught out by sudden border closures and locked in on our shores.
Though, Tourism Australia was pivoted over the past 18 months to push local destinations for domestic tourists, it was still working behind the scenes with its 15 offices and agencies around the world to keep people overseas inspired by the idea of visiting Australia.
Tourism Australia instead of running commercials or selling airline tickets was focused on inspiring people to dream and plan for their next Australian holiday.
The US has already started welcoming fully vaccinated international travellers from November 8, a move that has effectively relaunched two-way Trans-Atlantic travel.
Now fully vaccinated Australians are able to travel to Singapore without quarantining provided they test negative to Covid-19 within 48 hours of departure and again after arriving. From November 21, Australia’s borders will open the other way, meaning fully vaccinated travellers from Singapore will be able to fly into Canberra.
Australia’s Prime Minister Scott Morrison has also flagged travel bubble arrangements with Japan and South Korea as the country gradually reopens to the world. His hopes of opening up even more before the end of the year augurs well for the industry
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 this report. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.