In the fast-paced world of events, Australia finds itself at a crossroads. It is about to embark on a ‘green and gold decade’ of most of the world’s biggest events, culminating with the 2032 Brisbane Olympics and Paralympics. Australia is unlikely to be selected to host many of these for at least another 20 to 40 years, as such, we face a potential event desert in the post 2032 period. Having geared our investment in infrastructure and businesses to deliver on a remarkable decade of activity, we may be left with excess capacity in some areas. Alternatively, we could use the decade to build the skills and technology that will attract a greater number of smaller, but high margin events to take up the slack. This is not a default position, it is an active choice to create new products and the know-how needed to apply them. It needs a coordinated effort to bring researchers, events, government and industry together.
Why are events important?
The global events industry is huge – worth $USD1,190B in 2022. Even more striking, it’s predicted to grow to $USD1,753B by 2032, a remarkable 12% compound annual growth rate. To put this into perspective, it is worth more than the global wheat, iron ore, and coal markets – COMBINED! So if Australia wanted to diversify from being the world’s quarry and paddock, events is well worth pursuing more aggressively.
Events are more than just gatherings or good times; they are drivers of change, catalysts for innovation, and engines of economic prosperity. The recent FIFA Women’s World Cup captivated the nation, it challenged entrenched perceptions and made Australian society better. But it is not the first time that events have impacted the trajectory of an entire nation. Consider, for instance, how iconic events like the Melbourne Olympics in 1956 ushered television into Australian homes, forever changing the way we consume information and entertainment. It’s not just in Australia, Group of Seven (G7) and Group of Twenty (G20) Summits have catalysed advancements in encrypted communication systems and secure video conferencing, the 2020 Expo in Dubai showcased autonomous vehicles, electric mobility, and advanced traffic management systems and the Tokyo 2020 Olympics demonstrated the how the widespread deployment of 5G can create new ways to experience and interact with an extended audience.
Along with technological advancements, events underpin Australia’s tourism, creative industries, sports, and culture. They are avenues by which we can tell our stories to the world, and bring disparate stories together to write new ones. Who will ever forget Peter Garrett’s ‘sorry suit’, or the power of Dreamtime at the ‘G to bring reconciliation in the collective consciousness. Events create jobs, drive export income, and foster business networks that serve as a foundation for future growth. They’re a stage for soft diplomacy and influence, a catalyst for infrastructure, and a wellspring of social engagement and capital. Events are not just entertainment or bread and circuses.
Yet, as we look ahead to the next decade, Australia faces a unique challenge. Over the next decade, the benefits of the Australian events industry will be propped up by a number of very large global events (FIFA Women’s World Cup, Olympic and Paralympics, Men’s and Women’s Rugby World Cups, ICC T20 World Cup and COP31), the biggest of which will unlikely be hosted in Australia for at least another 20 to 40 years. This means the ‘Green and Gold Decade’ to 2032 could be followed by a ‘Desert Decade’. This prospect prompts us to consider what comes after the party?
Australia must pivot toward hosting a greater number of smaller events and extracting more value from each participant to sustain economic contributions and benefits. This strategic shift ensures that investments in accommodation and infrastructure during the ‘green and gold decade’ are fully leveraged in the long term.
Whats changing?
There are a number of emerging changes in the events landscape that present both a risk and an opportunity for Australia, namely:
- Evolving Consumer Expectations: Consumer expectations in the events industry are continuously evolving. Attendees seek unique experiences, personalised interactions, and meaningful engagement personalised interactions.
- Digital Transformation: The events industry has been reshaped by online ticketing platforms, event management software, virtual and hybrid event solutions, and social media promotion.
- Rise of Experiential Events: Attendees now crave immersive and memorable experiences that go beyond traditional formats.
- Sustainability and Social Responsibility: The industry is moving toward sustainability and social responsibility to align with the values of their biggest and most important market – millennials and Gen Z.
- Integration of Technology: Event organisers are leveraging technologies like event apps, live streaming, augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) to enhance experiences.
Australia faces its own set of challenges, including the impact of the COVID-19 pandemic, rising costs, carbon impacts and time constraints of global travel, digital events amplifying time zone differences, and competition from neighbouring countries. To compete, Australia must embrace critical technologies of national interest, including advanced information and communication technologies, AI, and autonomous systems.
In order to stay competitive in a rapidly changing and challenging global market, the Australian events industry (and associated supporting industries) needs to urgently build the capacity to develop, deploy and monetise digital and immersive experience technologies.
This will involve creating, adapting and deploying new technologies to:
- Deliver new immersive experiences
- Better personalise experiences
- Provide increased accessibility to events and experiences
- Reduce the carbon footprint and waste of events
What’s the answer?
The type of technologies needed are all included on the “critical technologies of national interest”, such as advanced information and communication technologies (e.g. advanced data analytics, protective cyber security technologies and virtual worlds), AI technologies, autonomous systems, robotics, positioning, timing and sensing. To succeed in this digital transformation, Australia’s events industry must develop the capacity and know-how to harness these critical technologies. The ‘green and gold decade’ presents a golden opportunity to lead the charge, creating a sovereign capability that can extend its reach into other industries.
As The Hon. Ed Husic, Minister for Industry and Science, emphasised, “This List of Critical Technologies builds on the Government’s commitment to expand the number of next-generation businesses working at the forefront of our changing economy.”
By seizing this chance to innovate, Australia can ensure that our stories and unique experiences are not digitised and commercialised by other nations and sold back to us, but become a source of economic growth and prosperity for years to come. The ‘green and gold decade’ isn’t just about the specific events; it’s a launchpad for a sovereign capability that our own national competitive advantage in the globally significant events industry, tells our stories to the world and enhances our communities. We can chose to seize the opportunity or cede it to others. Capitalise on the ‘green and gold decade’ to bridge the gap, or allow Australia to fall into a ‘desert decade’ when the party is over.
