The data from 2013 to 2023 shows a consistent upward trend in the Tourism Gross Value Added (GVA) of Accommodation Services in Australia, rising from 6.15 billion AUD in 2013 to 7.15 billion AUD in 2023. While the year-on-year variation has fluctuated, the overall trajectory indicates steady growth.
Recent highlights include a 1.68% increase in 2022 and a 1.62% increase in 2023. Over the last five years, the Compound Annual Growth Rate (CAGR) has been around 2.01%, suggesting moderate but consistent growth.
Looking forward, projections from 2024 to 2028 indicate ongoing growth, with the GVA expected to reach 7.69 billion AUD by 2028. The forecasted five-year CAGR is 1.15%, predicting a stable yet modest growth rate.
Future trends to watch:
- Impact of global economic conditions on international tourism
- Improvements in domestic tourism infrastructure
- Emergence of new accommodation models and technologies
- Changes in traveler preferences and impacts of sustainability initiatives
