Market Trends of australia courier, express, and parcel (cep) Industry
Australia invested USD 120 billion in infrastructure projects, focusing on nation-building and land transport projects
- The Australian market encompassing transport, postal, and warehousing displayed growth across key metrics during the fiscal year 2021-22. Earnings within the transport industry division and its income value added (IVA) surged by 14.4% (amounting to USD 4.7 billion) and 15.0% (USD 10.8 billion), respectively. With a workforce of 122,810 individuals recorded by the end of June 2021, the transport support services subdivision accounted for 19.2% of the overall employment within the division, establishing itself as the second-largest employing subcategory after road transport.
- In 2022, the declines in division earnings were predominantly driven by a 7.6% decline in the transport support services sub-division, including airport activity. Around 62.7% decline in sales and service income for air and space transport reflected a significant decline in air travel due to COVID-19. Road freight transport is the largest employing sub-sector in the transport and logistics sector, followed by postal and courier pickup and delivery services and road passenger transport, with water transport support services employing the least number of people.
- The Australian Government remains resolutely dedicated to a robust 10-year infrastructure pipeline valued at USD 120 billion, focusing on delivering land transport projects that hold national significance and contribute to shaping the nation's future. The 2023-24 budget represents a stride forward in establishing an infrastructure investment pipeline integral to nation-building endeavors. This initiative forms the bedrock for constructing a sustainable and credible lineup of projects, selected based on diverse economic and societal goals, encompassing regional connectivity, quality of life enhancement, and safety enhancement.
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Tightening global oil markets and the weakening Australian dollar led to an increase in fuel prices in Australia
- During 2021-2022, diesel prices rose by 40.1%, reaching 176 cents per liter (USD 1.76). Diesel prices tend to follow trends in the global price of crude oil, with oil prices projected to rise sharply in the current year. With global oil consumption recovering following the COVID-19 pandemic, supply concerns led oil prices to rise again due to the Russia-Ukraine War during 2022-23, thus increasing retail diesel prices. The federal government implemented a temporary 50% reduction in the fuel excise in March 2022 to help offset rising costs, which ended in September with the fuel excise returning to its full rate, causing motorists to pay more at the pump.
- Petrol prices in Australia's major cities climbed to an average of USD 1.18 per liter in October 2021, the highest since 2014, when adjusted for inflation. While prices plummeted to record lows during the COVID-19 pandemic in 2020, the cost of fuel in Australia has been rising steadily since November 2020.
- According to the Australian Institute of Petroleum, the average retail price for petrol in Australia hit 196.5 cents (USD 1.96) in August 2023. Since the federal government's halving of the fuel excise ended last September, the national average weekly petrol price has been hovering around 175 to 180 cents a liter (USD 1.75-1.8). The average weekly petrol price in the capital cities sits at 197.5 cents a liter (USD 1.97), with Sydney, Adelaide, and Hobart recording an average weekly price of more than USD 2 a liter, while Brisbane had the lowest average price of 188.2 cents a liter (USD 1.882). Also, the average national diesel price hit a nearly eight-month high of 206.9 cents a liter (USD 2.06). The tightening global oil market and the weakening Australian dollar are responsible for rising petrol prices.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Australia's population growth slowed due to change in government policy, behavior changes prompted by the influence of the age
- The growing oil and gas, mining, and quarrying sector in Australia is forecasted to provide a USD 270 billion economic boost by 2040
- E-commerce in Australia is expected to register a CAGR of 10%, supported by the rise in social commerce and BNPL services
- Australian agriculture industry aims to become a USD 100 billion industry by 2030 to boost exports
- Australia's LPI Rank drops to 19 in 2023, with a focus on trade diversification and digital transformation for economic growth
- Australia is expected to strengthen the mining sector in line with its Critical Minerals Strategy 2023–2030
- Labor shortage, high freight costs, and rising global crude oil demand increased producer and consumer prices
- The Australian government is investing USD 10.18 billion to support Australia's manufacturing industry
- Australia is heading toward 100% reliance on fuel imports by 2030, led by a fall in domestic fuel production
- Australian Infrastructure Plan aims to drive economic growth with an investment of USD 237 billion in pipelines
