Australia’s hotel industry has slammed news that the Australian Bureau of Statistics is scrapping the Survey of Tourist Accommodation – which tracks the performance of accommodation providers – following funding cuts of $50 million over the next three years.
“If we are to continue attracting foreign investment into hotel and tourism infrastructure development in Australia, we require the most up to date and thorough statistics,” said Rodger Powell, Managing Director, Tourism Accommodation Australia.
“We will be calling on the ABS and the Government to reassess this decision, as the value of this Survey far outweighs the cost of producing it.”
Eureka Funds Management’s Nigel Greenway said that the decision would be very counter-productive for economic growth.
“Having statistics of this quality and reliability has been crucial in attracting investors and potential investors to recognise the hotel sector as a legitimate property asset class, and as a result we have seen a vast increase in investment in the sector over the past three years,” he said.
“This will be very deleterious for the industry.”