Australia's internal tourism expenditure on accommodation services for visitors in 2023 stood at 18.73 billion AUD. Analyzing the trend from 2013 to 2023, there was a general upward trajectory with a few notable exceptions. After significant growth from 2013 to 2018, a decline occurred in 2019 (-12.26%) and notably in 2020 (-19.96%) due to the pandemic. However, recovery began in 2021 with a 21.87% increase and continued growth in 2022 (7.15%) and 2023 (4.55%). The CAGR from 2018 to 2023 is -0.84%, reflecting the pandemic's impact and subsequent recovery. The forecasted period through 2028 shows a stabilizing trend with a modest 5-year CAGR of 0.14%.
Future trends to watch for include:
- The impact of ongoing global health conditions and travel restrictions.
- Economic factors influencing discretionary spending and travel.
- Technological advancements in the accommodation industry.
- Government support and policies aimed at boosting tourism.
