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Why the return of overseas tourists won’t help retail bounce back – yet

(Source: Bigstock.)
Earlier this week, Prime Minister Scott Morrison announced that after two years, Australia is finally re-opening its borders to fully vaccinated international tourists from February 21. According to Qantas boss Alan Joyce, Australia is “finally back open for business”.  The lack of international tourists over the last two years has cost the retail industry an estimated $90 billion – given tourists spent around $45 billion between July 2018 and 2019, according to data from Tourism Rese