The household expenditure on transport services in Australia experienced significant fluctuations from 2013 to 2023. Initially, it showed a consistent increase from 2013 to 2018, with some impressive year-on-year growth rates, peaking in 2018. However, 2019 and 2020 saw dramatic drops, particularly in 2020 with a decrease of 68.74%, attributed to the pandemic's impact. Recovery began in 2021 with over 100% growth, and by 2022, expenditure surged to unprecedented levels, topping at 39.39 Billion AUD. In 2023, it slightly dropped by 0.24%, with 39.29 Billion AUD.
Looking ahead, the forecast from 2024 through 2028 suggests a stable but meager growth, with a 5-year CAGR projected to be around 0.04%. Household expenditure on transport services is expected to hover around 39.31 to 39.38 Billion AUD, depicting minimal variations.
Future trends to watch for include:
- Technological advancements in transport, specifically in electric and autonomous vehicles.
- Changes in consumer behavior post-pandemic influencing transport habits.
- Government policies on sustainable and eco-friendly transportation.
- Economic factors impacting disposable incomes and transport affordability.
