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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.Full Story