Cycling contributes billions to Australian economy
Cycling has pumped more than $6.3b into the Australian economy, according to a new report, as more and more people turn to bike riding for transport and recreation.
The report, commissioned by WeRide Australia, shows spending on cycling-related purchases among those who rode at least once a week increased 43 per cent in 2020, creating economic benefits and direct jobs in the industry.
The Australian Cycling Economy 2021 report, prepared by EY, estimates that in 2020 the Australian Cycling Economy delivered:
- $6.3b in direct industry output
- $3.4b in direct value add
- 34,295 direct jobs
“Cycling economy” is defined as not just spending on bikes but related goods and services including accessories & equipment, servicing, bike hire, merchandise and media & subscriptions.
The report found 1.7m bicycles were purchased in Australia in 2020, of which 28% (476,000) were children’s bikes, with the average retail cost of a bicycle coming in at $900.
RACV General Manager arevo Mobility Elizabeth Kim said the report is timely as we look at COVID recovery and the role active transport, including cycling, can play.
“It’s great to see the insights from the report commissioned by WeRide, giving us unique data on cycling’s significant economic contribution to the Victorian economy."
“We hope it adds support to the important investments government are making to get more Victorians riding,” she adds.