Post-Covid travel propels Australian companies up IBISWorld’s Top 500

Australian companies focused on the travel industry and leisure industries are cashing on post-Covid demand, new data from IBISWorld shows.

The business of leisure is back on the agenda and Australian private companies are taking advantage of a post-Covid-19 surge in spending on travel.

Australian private companies focusing on travel and accommodation feature in the IBISWorld’s Top 500 list of Australian-owned private companies, partnerships, co-operatives, associations and non-listed public companies.

Six companies under the Airport Operations label were on the list with a total annual revenue of $2.44bn.

Brisbane Airport was in top place at 110th with an annual revenue of $719.92m – a 2.9 per cent increase – and dealt with more than 20 million passengers through its terminals in 2022-23.

Melbourne Airport, or Tullamarine Airport, is the second busiest airport in Australia and was placed at 123 with annual revenue of $650.17, a retreat of 1.2 per cent on last year’s figures.

The departure board at the Brisbane Airport.

More than 30.7 million people used the airport’s four terminals in the 2023 financial year, including over 22.5 million domestic passengers and almost 8.3 million international travellers.

Melbourne Airport chief executive Lorie Argus said the recovery in international travel was particularly pleasing.

“We’ve worked very hard alongside the Victorian state government to ensure Melbourne is front of mind for airlines as they return aircraft to service and add new planes to their fleet,” she said.

“Some of the world’s biggest airlines such as United Airlines, Qatar Airways and Singapore Airlines are now flying more seats into Melbourne than they were before the pandemic.

“Capacity to key markets such as India and Vietnam is also much higher than in 2019, which means more options for passengers and local exporters; all of which is good news for Victoria’s economy.”

Canberra Airport was next placed 265, followed by Capital Property Finance at 283, Adelaide Airport at 360 with $246.94m in revenue – a 67 per cent net rise on the previous year – and in the Northern Territory, Airport Development was 488th.

In line with airports Victoria-based Consolidated Travel was ranked 48th with total revenue of $1.3bn, which was up almost 8 per cent on last year.

Motor vessel builder Riviera ranked 351st on IBISWorld’s Top 500 list.

However. not all travel-related companies were in the air, nor impacted by the Covid-19 pandemic.

The Gold Coast’s premium luxury motor boat manufacturer, Riviera, has done well over the past three years and recorded a stellar 2022-23, ranking 351 on the list with an annual revenue of $250.03m, a 6.1 per cent increase on the previous year.

In the past calendar year the company shipped out $156m worth of motor yachts to 15 countries, including the US, New Zealand, Thailand, Puerto Rico, Spain, Germany and Croatia.

That was a 9.1 per cent increase on the previous 12 months and represented 65.4 per cent of its total revenue for the year. The balance was made up of Australian buyers.

Riviera is preparing for the world’s largest in-water boat show, the Fort Lauderdale International Boat Show in the US, where it will showcase nine vessels, including the Americas premiere of its new 585 SUV, valued at $3.35m.

Riviera owner Rodney Longhurst said the international market has been key to Riviera’s growth and success since the first vessel was exported to the US in 1983.

“We’re proud to be a Queensland company and we absolutely love flying the Australian

flag overseas, he said.

“This growth in our export yachts demonstrates the great international respect boat

owners have for our yachts and today Riviera is recognised as being among the world’s

leading motor yacht builders.”

Originally published as Post-Covid travel propels Australian companies up IBISWorld’s Top 500