In 2023, domestic tourism expenditure on passenger transport services in Australia stood at 20.88 billion Australian dollars. Over the previous two years, year-on-year growth rates were recorded at 28.41% in 2022 and 16.29% in 2023, signaling a steady recovery from the significant shock experienced in 2020 due to the pandemic. The compound annual growth rate (CAGR) over the past five years was -0.79%, reflecting the volatility and subsequent rebound in recent years.
Future trends to watch for:
- The forecasted CAGR for the next five years is 1.82%, indicating a steadier growth rate compared to past fluctuations.
- The expected overall growth rate for the forecast period from 2024 to 2028 is 9.42%.
- Monitoring economic conditions, consumer behavior changes, and potential impacts from environmental policies or new technology will be crucial for future expenditure trends.