However, the high dollar has contributed to a decline in travel to the traditional domestic holiday destinations, with Australians travelling overseas in ever increasing numbers. This has created quite difficult conditions for parts of the industry with, for example, room occupancy rates along the Queensland coast having fallen over recent years (Graph 6).
But this is just the first step. Companies need to deliver on their net zero commitments. Climate transition plans should explain how companies will adapt as we move towards a low carbon economy. More and more investors are going to assess whether companies’ net zero commitments square up with their actions.