An investigation into the causes of a winter that’s wreaked havoc on tourism in Australia’s north-west has found that Australia’s economy could be in serious trouble.
The Commonwealth Bank’s research suggests a recession in the summer months is possible and could be more severe than previously thought.
“The economic outlook for the tourism sector is at risk of deterioration in the coming months, particularly in winter, as this could impact on the outlook for tourism growth and profitability,” the report said.
“Given the severity of the forecast and the uncertain outlook for future demand, the timing of the release of this report is likely to be considered premature.”
The Commonwealth has been studying tourism, particularly on the island of Cocos, for about four years.
Last year, it forecast a $2.3 billion fall in the economic impact of the winter, which could see tourism revenue drop by 10 per cent.
But the number of people visiting the island in the spring and summer has also dropped significantly.
This year, Cocos Island Tourism reported a $1.4 billion deficit, compared to the $2 billion in the same period last year.
“There are significant economic implications for tourism, especially for those affected by this winter,” the Commonwealth said in a statement.
But it is important to remember the economy has been growing and contributing to GDP and the economy is still robust.” “
We recognise the impacts of a cold and wet winter on Cocos island, particularly for the industry that employs about 200 people, and the impact of poor weather conditions on the health and wellbeing of tourists.”
But it is important to remember the economy has been growing and contributing to GDP and the economy is still robust.
“The report also found that Cocos’ tourism industry is experiencing some of the strongest economic growth in the world, with $6.7 billion of revenue from tourism, and $2bn of revenue generated by tourism-related businesses.
Tourism to Cocos has seen a big jump in visitor numbers.
A total of 6.6 million visitors visited the island this year, according to the survey, compared with 6.2 million in the year prior. “
During the summer of 2015, Cocoa Island experienced its most significant economic downturn in recorded history,” the study said.
A total of 6.6 million visitors visited the island this year, according to the survey, compared with 6.2 million in the year prior.
“In the past 12 months, the island has experienced a sharp drop in visitors, with the average number of visitors per day dropping to just 5,200,” the survey said.
The survey found that the decline was driven by a decline in the number and size of the tourist industry, which saw a decrease in the amount of revenue the island generated from tourism.
It found that about half of the economic losses from the winter were due to the tourism-linked industries, such as the fishing industry, tourism hotels and accommodation.
“Despite the impact on tourism, the majority of the island’s economic activity is being driven by tourism,” the bank said.