Health expenditure in Australia has shown a steady increase over the past decade. The annual share of GDP allocated to health expenditure went from 9.36% in 2013 to 10.11% in 2023. Year-over-year growth has generally hovered around 0.7% from 2013 to 2023, with more recent years exhibiting a slight decline in the growth rate percentages. The compound annual growth rate (CAGR) from 2018 to 2023 averaged around 0.73% annually. Future forecasts predict the health expenditure will continue to grow, reaching 10.43% of GDP by 2028, albeit at a slower average CAGR of 0.5%, indicating a 2.52% total growth over the five-year forecast period.
Looking forward, several important trends could influence health expenditure, including an aging population, the impact of technological advancements in healthcare, and potential policy changes. Monitoring these factors will be essential for anticipating future shifts in expenditure patterns.
