Tourism consumption of recreational, cultural, and gambling services in Australia has demonstrated significant variability over the past decade. The value, expressed in Billion Australian Dollars, peaked in 2019 at 5.66 and dramatically dropped by 43.21% in 2020 to 3.21 due to the impacts of the COVID-19 pandemic. Recovery was swift with a massive 65.42% increase in 2021 and continued growth thereafter. As of 2023, the value stands at 6.23, reflecting a year-on-year growth of 2.65%. Over the last two years, the average year-on-year growth rate has been 8.41%, and the last five-year CAGR is 3.18%.
Future trends to watch for include the forecasted stable growth pattern, with a modest increase reflected in a 5-year CAGR of 2.02% and a total growth rate of 10.52% projected from 2024 to 2028. Investors and policymakers should monitor economic factors, international travel trends, and potential impacts of global events that could influence tourism consumption patterns.
