Business events in Australia have recently received even greater support from Tourism Australia. As of 1 July 2018 the sector will have at its disposal the Business Events Bid Fund Program (BFP), which provides assistance to secure new international business events for Australia. $12 million will be made available over the next three years to support bids for new, high-value international association – among others – events. It will support expenditure on goods & services that assist in the delivery of events, for example accommodation or venue hire costs.
Managed by Tourism Australia’s business events unit, Business Events Australia, the program is designed to increase conversion of business for Australia by offering financial support at the critical bidding stage of new international business events. Funds will only be provided for qualified international business events once the event is confirmed and contracted for Australia.
The establishment of the new Tourism Australia Business Events Bid Fund Program was announced at this year’s Destination Australia Conference in Melbourne.
John O’Sullivan, Managing Director Tourism Australia said: “More and more destinations across the world are operating national bid funds. Australia risks losing market share to our competitors if our business events industry is not able to compete on a level playing field. That’s why the new Tourism Australia Business Events Bid Fund Program is a game-changer, allowing us to grow our competitive advantage in this critical and lucrative segment of the visitor economy.”