Between 2013 and 2023, total payment transactions in Australia experienced significant fluctuations. The value of payment transactions decreased consistently from 2013 to 2020, marked by a notable drop during the COVID-19 pandemic in 2020 by 17.26%. However, a robust recovery followed in 2021 with a 26.12% increase. Over the last two years, a slight decline of 0.29% from 2022 to 2023 was observed, placing the value at 12.12 trillion USD in 2023.
Forecast for 2024 onwards suggests a slight downward trend in the value of payment transactions, with a Compound Annual Growth Rate (CAGR) of -0.26% projected until 2028. By the end of this period, transactions are expected to reduce to 11.97 trillion USD.
Future trends to watch for include:
- Impact of digital payment innovations and cryptocurrencies
- Changes in consumer spending behavior post-pandemic
- Government policies affecting the financial sector
- Global economic conditions and their effect on the national economy
