Internal tourism expenditure on passenger transport services in Australia demonstrated significant growth from 2013 to 2018, with annual increases ranging between 4.55% to 9.05%. However, in 2019, the growth was disrupted with a sharp decline of 26.5%, followed by an even more significant plunge of 66.47% in 2020 due to the COVID-19 pandemic. A recovery was noted in 2021 with a 135.35% increase, and this positive trend continued moderately through 2022 and 2023, with year-on-year growth of 31.73% and 16.95%, respectively. In 2023, the expenditure stood at 23.89 Billion Australian Dollars. Over the last five years, the compound annual growth rate (CAGR) was -2.23%, reflecting the pandemic's impact.
Looking ahead, the forecasted data from 2024 to 2028 suggests a gradual stabilization with a projected CAGR of 1.03% and an overall growth rate of 5.26% over the next five years. The rise in expenditure will likely be driven by continued recovery from the pandemic and increasing domestic travel demand.
Future trends to watch for include the influence of evolving travel preferences, new transportation technologies, and government policies aimed at boosting domestic tourism. Additionally, the sector should monitor economic conditions that could impact disposable income and travel-related expenditures.