New data shows Australian business events generated $20.9 billion for the economy

This is branded content.

Corporate events contribute significantly to Australia's economy - providing a vital pipeline of work for those who work in the events sector, and a multi-billion dollar investment in transport, accommodation, and hospitality around the nation.

As Australia emerges into a new, post-Zoom world, how will the corporate leaders of tomorrow take advantage of the benefits of in-person engagement to forge new partnerships, learn new things, and connect with their peers, such as those completing an Australian online MBA, or seasoned industry experts?

Let's immerse ourselves in the changing world for business events, and discover how this burgeoning industry is helping to contribute more than $20 billion to the Australian economy annually.

If there's anything 2020 and 2021 taught corporate Australia, it's that when faced with adversity, companies will adapt to their surroundings. Consider, for example, the lockdowns that restricted the ability of many companies on the Eastern Seaboard - with schools and businesses forced to close, corporate Australia made a necessary move to teleconferencing.

The impacts of restrictions can be seen in the number of meeting minutes that were held online before and after the worst of the pandemic. In 2019, there was an average of 20 million minutes worth of meetings held on Zoom each month in Australia, according to data published by AARNet, Australia's leading Academic and Research Network. By 2022, this number had grown by more than tenfold - highlighting how meetings have transformed from purely physical experiences to a hybrid of digital and personal.

Is the era of Zoom conferencing coming to a close? It's clear that extended time conferencing digitally can have negative impacts, from increased stress to loss of focus. Is it time for a return to the traditional days of conferencing?

Running a corporate event can be beneficial for many reasons. Crucially, business events provide an opportunity for industry peers to meet face-to-face - in a world where the majority of meetings are still held remotely, this can be beneficial in building relationships.

It's not just about the ability to make connections, though - corporate events inherently bring travellers to events, and with that comes expenditure. This is through a variety of different channels - for example, a small business event hosted in Melbourne may attract an audience from regional Victoria and possibly Tasmania - often, these attendees will make an overnight trip, or even longer, to ensure that they're not only on time for an event but refreshed and ready to get involved with anything that might come at them.

Putting a dollar on events is an important way to define how valuable they are to the economy. Every dollar spent is a dollar invested in cities - whether that be in hotels, restaurants, entertainment facilities, or even travel costs, such as flights and airfares.

Commenting on the importance of understanding the economic impact of corporate events, Senator Don Farrell, Minister for Trade and Tourism, noted the social benefits of such events, and the positive impact that they have.

Farrell noted that "we've long known that business events generate significant economic activity." Discussing the benefits, he highlighted that "they (corporate events) facilitate the exchange of ideas and products, and create new networks that, in turn, stimulate trade and investment, attract talent, foster innovation, and improve productivity."

Business events do much more than offer the opportunity for professionals to connect with industry peers. Events that occur during the week often help to utilise event spaces, ensuring that they are in use all year round.

Consider, for example, a major event such as Oz Comic-Con, or PAX Australia. These events are often synonymous with pop culture and entertainment, creating an environment where people can delve into the worlds of comic books, video games, and entertainment.

While these events are quite substantial, they're often only held over two or three days. As a result, even when considering set up and pack down times, facilities like the Melbourne Convention and Exhibition Centre still have large amounts of space available outside of weekend periods - perfect for business and industry groups that are looking to hold a business event.

To understand the economic benefit of corporate events, data must be compiled and presented. For Tourism Research Australia, a department of the Australian Trade and Investment Commission, publicly presenting corporate events' economic impact in a meaningful way is vital when communicating to the public. Additionally, it helps to ensure that the broader public can understand just how vital corporate events are to the success of the events industry more broadly in Australia.

While the events sector has indeed felt the impacts of the last few years, it's clear that corporate events generate immense value for the Australian economy. While the Zoom may be ever-present, the data is clear - in-person events are unlikely to disappear any time soon.