Australian tourism is about to be crushed

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It’s reeling from bushfires, via The Australian:

Hoteliers and tourism executives say the “worst summer on record” has cost the nation $2bn and could wipe a further $4.5bn from the industry, as Tourism Australia unveils the first part of its multi-layered bushfire rescue package.

Domestic tourism has been hit by the fires and subsequent hazardous smoke, with the Australian Tourism Industry Council putting the immediate domestic impact at $2bn, factoring in the loss of business revenue, forward sales and the physical impact on tourism ­facilities and assets across ­bush­fire-ravaged regions.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.