The hospitality industry in Australia is an extensive category of service industry, which includes restaurants, café and coffee shops, take away food services, catering facilities, lodging, event planning, theatre restaurants and additional fields of tourism industry. The performance of this multi-billion-dollar industry depends on real household disposable income, availability of leisure and recreation time and consumer confidence.
The industry is forecasted to demonstrate a strong growth over the five years through 2013-2014 as it recovers from the economic downturn during 2008-2009. Consequently, over the next five years, the industry growth will be supported by strengthening economic conditions, population and immigration growth and the urbanisation. Most of the revenue in this industry is derived from domestic activities involving preparation and consumption of food and services within Australia. However, the industry greatly benefits from the consumption by international visitors who accounts for more than 20.0% of recent tourism industry.
The hospitality industry is generally spread according to the population density by state and territory. Within individual cities, there tends to be higher concentration of establishments and also the population of each state has direct influence on the number of consumers.
New South Wales accounts for approximately on third of the industry revenue, number or establishments and employment which are followed by Victoria as the second largest state. Melbourne is well known for its food culture, housing a number or prominent restaurant and bars. Queensland and Western Australia have also enjoyed growth in market share of hospitality industry over the past decade as a result of increased migration of individuals.
- Find ATO benchmarks at (https://www.ato.gov.au/Business/Small-business-benchmarks/In-detail/About/Small-business-benchmarks/)that offers a broad database of small business benchmarks, which are a guide to help business compare their performance against similar businesses in the industry;
- Proving a great customer service experience is of paramount importance in this industry;
- Maintaining a solid relationship with the supplies will give the business a significant competitive edge;
- There is a wide workforce in the hospitality industry, which is a great asset for the industry as a whole;
The regulatory requirement in this industry is low-medium, which will help to fuel increased activity of this industry.