Reviving the Business Events Industry: Research Report Results in $50 Million Policy Action

Description of impact *

At the onset of COVID-19 in 2020, the consultancy firm, McCrindle, engaged Prashan's research expertise in business analytics for their client, the Business Events Council of Australia (BECA).

BECA wanted McCrindle to quantify the impact on the sector due to COVID-19 and forecast the dollar-impact.

Report

Using a triangulated approach of a literature review, primary surveys, as well as business forecasting techniques – the McCrindle team and Prashan arrived at a figure of $35.7 billion. Prashan utilised his expertise in economics and business forecasting to provide comment as well as help forecast the impact of COVID-19 on the business events industry.

The team produced the 'Lost business report – Impacts of COVID-19 on the business events industry'. 

BECA then used their extensive research to successfully lobby the Federal Government for support for the sector.

Policy Change
"BECA welcomes $50 million funding announcement which will instill confidence and build momentum for Australia’s business events industry. Government funding granted in response to BECA’s Recovery and Rebound Framework which highlighted the devastating impact of the pandemic and the need for business confidence to position itself for a rebound as market conditions improve. The impact ofCOVID-19 on business events has cost Australia’s visitor economy $35.7 billion”– BECA (September 2020)

In turn, Prashan was able to use this report as a case study in his own Business Forecasting course as he showcased the application of the very techniques of Time Series Models and Regression Models that he teaches his students.

Impact date	2020 → 2022
Category of impact	Policy impacts, Commercial impacts
Impact level	Mature benefit