From 2013 to 2023, the tourism output of sports and recreation activities in Australia grew from 3.0 billion to 4.77 billion Australian Dollars. This period has seen the value rise steadily except for a notable decline in 2020 due to the COVID-19 pandemic, which resulted in a 43.05% decrease. Recovery started in 2021 with a substantial surge of 65.64%, and the value has continued to grow, reaching 4.77 billion in 2023.
The year-on-year variation highlights a recent slowing down in growth, showing a 2.78% increase in 2023 compared to a higher 14.34% rise in 2022. The Compound Annual Growth Rate (CAGR) for the last five years (2018-2023) stood at an average of 3.35% per annum.
Future Trends to Watch For:
- Projected CAGR of 2.11% over the next five years indicates more moderate growth.
- Forecasted trend suggests a steady increase in tourism output, reaching 5.41 billion Australian Dollars by 2028.
