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Business information analysts IBISWorld released data that reveals a "restaurant renaissance" and fattening up of the catering industry during its traditionally lean winter months.

"Over the next 12 months, we forecast Australians will spend $10.2 billion eating out at more than 15,000 cafes and restaurants operating across the country," IBISWorld general manager Robert Bryant said.

The analysis also shows there has never been a better time to open a restaurant.

"The cafe and restaurant industry is one of Australia's most competitive, with more than half of new businesses closing inside three years," Mr Bryant said.

"However, the days of the country's eateries stomaching a slow economy are over, with the industry forecast to grow by 3.8 per cent in 2010-11 and 22 per cent over the next five years."

Last financial year, the sector recorded just 1.7 per cent growth.

Maurice Santucci, owner of bustling top-end North Melbourne restaurant Sosta Cucina, told BusinessDaily customers had been more discerning about food since MasterChef began screening last year.

"The program certainly keeps us on our toes," Mr Santucci said, adding that he and head chef Travis Humphery were under pressure to refresh their menu almost every day.

"When we opened three years ago, it was enough to write a new menu every two months or so, as produce came into season.

"But with three strong competitors on the same block, we need to stay more relevant now that diners are more aware."

Mr Santucci said the move had paid off with his turnover increasing by up to 15 per cent in the past 18 months.

According to IBISWorld, caterers can also look forward to a revival following lean times during the global financial crisis as corporates pared back their spending.

Growth of 3.5 per cent in 2010-11 and 20.7 per cent over the next five years is forecast for caterers and food services contractors.

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Other key findings showed:

• Coffee machines are the most successful hospitality asset, confirming the popularity of coffee in Australia today;
• The so-called “Slacker” Generation (Gen X) has grown up and is strongly competing with Baby Boomers, who are the most successful in the hospitality stakes;
• Women win the hospitality gender war recording a higher business success rate than their male counterparts; and
• The Western Australia resource boom is driving a thriving hospitality sector while Queensland has emerged as a strong contender on the Eastern seaboard.

Silver Chef Chief Executive Officer Charles Gregory said his company was in a strong position to present a detailed commentary on the state of hospitality to the industry.

“For more than 24 years, Silver Chef has helped thousands of businesses get their start through our Rent-Try-Buy®hospitality equipment finance model,” Mr Gregory said.  “We have delivered more than $100 million of Silver Chef-funded equipment to the hospitality sector from the corner café to five star restaurants.”

“We have found that more than 90% of businesses who use the rental equipment model retain working capital and are able to manage the challenges of a growing business.”

“The hospitality sector is a major provider of jobs and is crucial to both the Queensland and national economy.  “This data shows that with good research, working cash and entrepreneurial drive, small business can develop and prosper.”

Hospitality entrepreneur and Director of Vapiano Australia, Will Cooke, said the core findings of the HISI report mirrored his observations gathered during 25 years’ industry experience in Australia and across Europe and the UK. “I have been fortunate to see what it takes to be successful in the hospitality industry before bringing Vapiano to Australia, and while I don’t fit the typical mould of what the HISI report has revealed, I believe there are certain ingredients that help build a successful hospitality business,” Mr Cooke said.  “Certainly having strong working capital following Vapiano’s opening in Brisbane last year has held us in good stead, and I’m confident it will be the same as we go to open new venues on the Gold Coast and Sydney in the coming months.”

Mr Gregory said the HISI report would become an annual feature on the industry calendar. The findings are based on data gathered across more than 3000 contracts and 2012 customers over a 12 month period from 2008.