Forecast: Tourism Industries Output in Australia

The Tourism Industries Output in Australia stood at 91.57 billion AUD in 2023. Over the last decade, it experienced steady growth from 60.98 billion AUD in 2013, with a significant decline in 2020 due to the COVID-19 pandemic. However, the industry rebounded rapidly in 2021 and continued its upward trend. From 2013 to 2023, the Compound Annual Growth Rate (CAGR) was approximately 3.05%, despite the pandemic-related downturn. Over the last two years (2022-2023), the output grew by about 2.42% year-on-year.

Future Trends to Watch For:

• The growth rate is expected to moderate, with a forecasted CAGR of 1.87% over the next five years (2024-2028).
• Technological advancements and sustainable tourism practices may drive industry innovation.
• Changes in travel preferences post-pandemic could affect long-term growth patterns.