Tourism Australia is making changes to the eligibility criteria for its Business Events Bid Fund that broaden the scope of the program in order to help attract more international business events Down Under that inject millions of dollars into the economy.
Managed by Tourism Australia’s specialist unit, Business Events Australia, the three-year $12 million fund opened in May last year to increase the conversion of bids for new international business events for Australia through the offer of financial support at the critical bidding stage.
“It’s been just over a year and already we’ve received 88 event applications which has resulted in 23 wins for Australia with an economic value of $270 million,” said Penny Lion, Executive General Manager Events, Tourism Australia.
“While it’s been exciting and rewarding to celebrate these wins with our industry partners, we’ve actively sought feedback on how to improve and are making some changes to the mandatory eligibility criteria and terms.”
Those changes, announced today by Australia’s Minister for Trade, Tourism and Investment, Senator the Hon Simon Birmingham, will allow the following event bids to be eligible:
- Association events of a minimum of 400 international delegates (currently 500 delegates)
- Incentive events of a minimum value of around $3 million, with a minimum 700 international delegates (currently 1,000 delegates)
- Matched funding levels from applicants will be reduced from $100,000 to $50,000; and
- Applications for event travel up to 30 December 2024.
The changes have been made following consultation with Australian industry stakeholders across all states and territories.
The Bid Fund has been widely praised by Australia’s Business Events industry who appreciate the Government’s support to win over more of these valuable events for the country.
Further information is available in the Business Event Bid Fund prospectus.
Read more about the success of the Bid Fund Program here.