How to book a plane to Australia for the holidays
The travel industry has been hit by a massive decline in international business travel.
The International Air Transport Association says more than 2.4 million people from around the world are unable to travel by air, a fall of more than 50 per cent since the year ended in June.
The number of international flights booked fell by more than 20 per cent in June to 2.6 million, and the number of domestic flights booked by the same amount fell by almost 40 per cent to 6.1 million.
While the industry’s fortunes have been driven by a rise in domestic travel, it is also facing a loss of international business travellers.
For some countries, the decline is more profound.
In February, the World Health Organisation announced it was “increasing its warnings about the risks” of air travel.
In the US, for example, the number is now the highest in almost a decade.
It is also the highest number since September 2016.
“As the economy struggles, international business is losing ground,” said Stephen Stavins, chief executive of the Institute for Worldwide Travel Analytics, a travel analytics firm.
Australia’s economy has seen a significant drop in international travel in recent years, with many international trips now being made by domestic flights.
There are now fewer than a quarter of all domestic flights going overseas, compared to a peak of about 45 per cent just before the financial crisis, according to the Australian Institute of Sport and Physical Education (AISTE).
The impact of the crisis has also been felt in other sectors of the economy.
More than a third of Australian business travel in the last year has been by private jets, according the National Australia Bank. AAP/ABC