New Zealand’s tourism industry has been urged to fast-track the development of a new international convention centre or it could lose out to trans-Tasman competitor, Australia.

Conventions and Incentives New Zealand (CINZ) chief executive Alan Trotter explained the country could not “afford to let this opportunity slide”, highlighting that Australia remains as “huge competition” particularly after it was given the go-ahead to renovate its Sydney Exhibition and Convention Centre.

Mr Trotter stressed the new centre was a “matter of great urgency” as it would assist New Zealand to cash in on the $50 million market.

"The planned national convention centre will change that situation and allow us to bid for more international conferences, which in turn will bring more visitors to New Zealand,” CINZ head added.

“Those extra visitors are forecast to spend in excess of $90m every year, which equates to around $50m in value added to the New Zealand economy each year - that's like having a Rugby World Cup every two years.

"The impact on our tourism industry and the economy as a whole is huge which is why there is across-the-board support from our sector for the centre. It is desperately needed and long overdue.”

According to the company, of the 8,000 international conferences occurring annually, New Zealand is responsible for hosting up to 30.