The Victorian Government will invest almost $43 million into the business events sector in the years ahead, as announced today in the 2021-2022 state budget.
In the budget overview, the government committed $42.913 million over four years to support the Melbourne Convention Bureau (MCB) and Business Events Victoria to acquire business events for the state.
MCB CEO Julia Swanson welcomed the investment.
“This commitment recognises the essential role business events play in the Victorian visitor economy, and their contribution to innovation, job creation, trade and investment opportunities, for the benefit of the whole community,” she said.
“The business events sector has been one of the hardest hit by the COVID-19 pandemic and these measures not only support the business events sector now, they also ensure we can sustain and grow the sector for the future.”
This investment will also boost MCB’s presence in the national business event space and allows for a greater focus on targeting short lead-time business events.
The National Business Events Program, announced last month, will continue to provide eligible business event organisers cash grants to offset costs for hosting business events in Greater Melbourne.
Despite the pandemic, MCB’s work in international markets has continued to secure high yield events for city out to 2028.
The bureau is currently managing of $547 million worth of bids that have the potential to contribute 254,000 room nights for the hotel and accommodation sector.
That is good news, but does nothing for domestic events that will be driving the industry for the foreseeable future. A good national tradeshow generates just as much business for hotels, restaurants and industry suppliers. These global events are years away and generally follow a circuit anyway.