IBISWorld's analysts constantly monitor the industry impacts of current events in real-time – here is an update of how this industry is likely to be impacted as a result of the global COVID-19 pandemic:
error_outlineRevenue in the Tourism industry is forecast to decrease by 15.7% in 2019-20. The industry's decline was adjusted further on 24/03/2020 upon the implementation of interstate travel bans by several state governments and the Federal Government's request to forgo all non-essential travel. At the time of writing the report, 20/03/2020, industry revenue was projected to decline by 10.1% in 2019-20. In a non-COVID-19 environment, the industry would have been projected to increase by 2.0%. For more detail, please see the Current Performance chapter.
error_outlineThe major domestic airlines have already cut capacity across their networks and their revenue forecasts for 2019-20 have dropped significantly as a result. For more detail, please see the Major Companies chapter.
error_outlineThe industry's average profit margin is likely to fall strongly in 2019-20, as tourism activity drops significantly. For more detail, please see the Cost Structure Benchmarks chapter.
Note: IBISWorld is endeavouring to update this report in-full as soon as possible. We thank you for your patience.