Australian companies splurge on holiday events

92 per cent of employers to hold Christmas parties
|hrreporter.com|Last Updated: 11/09/2010

After cutting back in 2008, Australian companies are expected to be spending more this holiday season.

A forecast from business information analysts IBISWorld predicts companies will spend more than C$539 million on events, an increase of 76 per cent from last year.

The number of companies throwing Christmas parties is expected to increase to 92 per cent this year, compared to just 67 per cent in 2008, and the average spent per employee is set to rise from $72 to $101.

"As we look to 2010, many Australian companies are finding themselves in a much better position than projected," IBISWorld general manager Robert Bryant said in a statement.

"And while 2008-09 saw corporate Australia slash costs, thus raising capital and expanding profitability, the looming upturn in the job market and need to retain skilled employees will see companies spend up on end-of-2009 events."

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