Forecast: Tourism GDP in Australia

The Tourism GDP of Australia stood at 66.95 billion Australian Dollars in 2023. From 2013 to 2023, it has experienced a generally consistent increase, with notable spikes in years like 2018 and a slowdown during 2020. The year-on-year variation in 2023 was a modest 2.58%, reflecting a slowdown compared to earlier years. Over the last two years (2022-2023), the sector recorded an average annual growth rate (CAGR) of just 2.58%. Over a five-year period (2018-2023), the average CAGR was 3.14%, signaling a tempered pace of growth in recent years.

Looking ahead, from 2024 to 2028, the forecasted average annual growth rate (CAGR) is expected to be 1.77%, with a cumulative growth rate of 9.16%. This indicates a slower growth trajectory compared to the historical performance.

Future trends to watch for in the Australian tourism sector include:

• Impacts of global economic conditions on international tourism.
• Evolving consumer preferences towards sustainable and eco-friendly travel options.
• Technological advancements in travel and tourism experiences.
• Continued recovery and adaptation post the COVID-19 pandemic.
• Government policies and investments in tourism infrastructure.