The household expenditure on transportation in Australia has shown significant fluctuations from 2013 to 2023. In 2023, the value stood at 137.4 Billion Australian Dollars. Over the last two years, the expenditure saw a sharp increase: 35.66% in 2022 and 2.07% in 2023. The compound annual growth rate (CAGR) over the past five years (2018-2023) was approximately 4.24%. From 2024 onwards, the forecast indicates a steady growth trajectory with a forecasted 5-year CAGR of around 1.58%, projecting the expenditure to reach 151.77 Billion Australian Dollars by 2028.
- 2013: Modest increase of 2.66% with a 5.58% CAGR.
- 2014: Slight decline of 1.16% with a 4.27% CAGR.
- 2015-2018: Periods of moderate growth with the highest increase in 2017 at 4.2%.
- 2019-2020: Notable declines, the most significant being in 2020 with a 16.73% drop.
- 2021-2023: Recovery phase with substantial increases, peaking at 35.66% in 2022.
Looking ahead, it is essential to watch for factors such as economic recovery post-pandemic, advancements in transportation technology, shifts in consumer behavior, and governmental transportation policies which could heavily influence future expenditures.
