Without investment in tourism infrastructure and attractions, Australia will fail to reach its 2020 tourism goals, says Tourism and Transport Forum (TTF) chief executive John Lee.

According to the latest projections from the Tourism Forecasting Committee (TFC ), despite predicted inbound and domestic growth, total tourism revenue is expected to grow by just 1.6 percent per year to $110 billion by 2020, well below Tourism Australia's target of $140 billion.

However, Mr Lee said government investment could help address “market failure” by introducing additional tourism products, activities and accommodation.

“We need to invest in demand-driving attractions and tourism infrastructure to add to our existing unique experiences and world-class attractions,” Mr Lee said.

“This will promote growth in the visitor economy through increasing length of stay and daily traveller expenditure by both domestic and international tourists.”

Meanwhile, figures also revealed that outbound holidays were expected to climb to 8.6 million this financial year, up from the 8 million trips recorded the year prior, The Australian reported.

TFC chairman, Bernard Salt, put the rise in overseas travel down to the “aspirtational” spirit of the Australian traveller.

"Give an Australian half a chance and they will take an overseas trip every time,'' he said.

"There's a show-off factor that applies for Australians, or any colonials for that matter, including New Zealanders.''