Data from the 2024 Night Time Economy (NTE) report reflects a solid recovery from the Covid-19 pandemic and associated restrictions for Australia’s night time operators.
Now in its 12th year, the NTE research report is commissioned by the Council of Capital City Lord Mayors (CCCLM) and provides insights into the NTE in 15 Australian local government areas (LGAs), each of which show positive signs of progress and demonstrate a continued upward trend in NTE activities.
Core NTE businesses in the 15 LGAs recorded substantial growth in sales turnover, generating $174b across the 131,285 core businesses, a 19 per cent increase on the previous year.
Providing critical insights into Australia’s NTE, the report also identified a rise in activities and events, including live music, night markets and cultural events, creating significant opportunity for local governments and businesses to work together to strengthen the safety and appeal of their areas at night time.
Drawing upon Australian Bureau of Statistics data from FY22-23, the 2024 report reflects the first full year of data following the Covid-19 pandemic, and although sales turnover recorded an increase, these gains were offset by increasing business expenses.
With inflationary pressures such as rising interest rates and energy costs dampening consumer spending, businesses are also impacted by rising operating costs, which in Accommodation & Food Services alone increased by 18 per cent in FY22-23. While the NTE is showing resilience, capital city councils remain cautious of these challenges.
Kon Vatskalis, Lord Mayor of Darwin and CCCLM Chair for 2024, commented: “This research is a valuable contribution to local governments’ efforts in supporting businesses operating at night.
“The insights gained will inform future strategies and initiatives aimed at sustaining and enhancing the vibrancy of our cities after dark. The CCCLM remains committed to supporting the night time economy, recognising its vital role in the social and economic fabric of Australia’s capital cities.”
As of June 2023, there were 1.1m people employed in the core NTE, and while this has not recovered in-line with sales turnover, it has almost returned to pre-pandemic levels, sitting just one per cent below.