Business events delegates spent $13 billion in the year ending March 2014 according to a new report.
The figures were released by Business Events Australia as part of '2020: The Business Events Sector Quarterly Progress Report' and represent a 4 per cent increase compared to the previous year.
The report found that the largest proportion of spending came from business delegates from the United States ($301 million), New Zealand ($275 million), China ($254 million), the United Kingdom ($238 million) and Singapore ($115 million).
All five of these countries spent less than the previous year, however there was an increase in business travellers from Singapore and New Zealand over this period. There were 190,000 business event delegates from New Zealand (a 0.5 per cent increase) and 59,000 from Singapore (an 11.3 per cent increase).
Business Events Australia have a target to net between $14.6 billion and $16 billion by 2020 with the report stating the business events sector was, "well on track to achieving its target of $16 billion annually by the end of the decade".
The $13 billion spent this year is above the target set for 2014 total spent by business delegates has increased increasing by 44 per cent since 2010.