Cycling injects $6.3 billion of direct benefit into the Australian economy each year and supports more than 30,000 jobs, according to a major report released today.
Launched by the Treasurer, the Hon. Josh Frydenberg, the first-ever Australian Cycling Economy Report by EY reveals the significant contribution cycling makes to Australia’s economy.
TV & radio presenter and keen cyclist Osher Gunsberg hosted Wednesday morning’s announcement and introduced the Federal Treasurer who is also a keen cyclist.
Asked how policy makers can use the comprehensive data to further benefit the sport, Mr Frydenberg said he hoped it would help leverage more investment in cycling infrastructure across Australia.
“To open up newer parts of our wonderful country for cycling, for tourism and overall cycling related activities, I think that is very important,” he said. “And of course more and more people like riding to work, they need the bikeways and paths that are necessary,” he added.
“These numbers paint a very compelling case for further investment in cycling infrastructure that has a real multiplier effect on the overall economy.”
“I’m all for getting on the bike,” said the Treasurer, who joked he was no Cadel Evans or Anna Meares. “Getting on the bike is good news for the economy and it’s certainly good news for peoples health,” the Mr Frydenberg concluded.
The Cycling Economy
Key figures in the Australian Cycling Economy Report report show the activity represents a significant economic impact across Australia –
- $6.3 billion is directly contributed to the Australian economy
- $3.4 billion direct value added to Australia’s GDP
- Cycling directly supports 34,295 jobs across the country
Other highlights of the We Ride Australia Report include in 2020 –
- 5.8M or 29% of adults aged 18 to 90 – the estimated number of Australian adults who spent money on cycling-related goods and services.
- 1.7M new bikes were sold.
- 28% of new bike sales were children’s bikes.
- $990 – the average annual spend on cycling related goods and services.
- Fitness was the primary motivation for cycling.
- Recreational road cycling is the most popular form of the activity making up 69% of respondents.
- 52% said they ride a stationary or indoor trainer.
- Between 2019 and 2020 the annual number of bike imports increased from 1.2M to 1.7M.
- State and Local Governments spent $428M on cycling infrastructure and promotion in 2020.
The full report can be downloaded from the link below. It is comprehensive and interesting reading, we hope you enjoy it.