Australian Tourism and Hospitality Industry: Strategic and Leadership Risks (Essay Sample)
Assessment Instructions
Presume that you have been recently tasked to develop Australia’s next national long-term tourism and hospitality strategy, with the primary focus on the issue of industry resilience. More specifically, your proposal must include the following sections:
• The analysis of current strategic and leadership risks faced by the Australian tourism and hospitality industry due to the recent floods, COVID-19 pandemic, world economic turbulence and political instability.
• Evaluation of innovative business strategies that tourism and hospitality providers worldwide are deploying to restart their industry.
• Appraisal of the key sustainability indicators that the Australian tourism and hospitality industry must focus on to ensure pre-COVID-19 issues such as overtourism, for example, will not be repeated.
• An outline of the strategy by creating a new vision, mission, and long-term strategic goals drawing on the strategic corporate governance frameworks and how destination management organisations should be managed and controlled moving forward.
The Australian Tourism and Its Challenges
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Introduction
The tourism and hospitality industry in Australia is a significant contributor to the economy, with nearly 7.9 million international visitors in 2018-19, spending a total of $41.3 billion. The industry employs approximately 1.3 million Australians, representing 9.1% of the country’s total employment (Shehawy & Abouzied, 2022). The industry also supports almost 500,000 businesses, with much of the activity centred in the major cities of Sydney, Melbourne and Brisbane.
Analysis of Current Strategic and Leadership Risks:
The Australian tourism and hospitality industry has faced numerous strategic and leadership risks in recent years, including the recent floods, the COVID-19 pandemic, world economic turbulence and political instability.
Floods: The recent floods in Australia have had a significant impact on the tourism and hospitality industry, leading to a loss of income, disruption of services and a decrease in visitor numbers. This has led to a decrease in revenue for many businesses, with some facing closure.
COVID-19 Pandemic: The COVID-19 pandemic has had a devastating impact on the global tourism and hospitality industry, with many businesses facing closure and significant losses in revenue. The pandemic has also led to travel restrictions, further reducing visitor numbers and
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