Global Market Research Reports : Ken Research: Future Outlook of Australia Remittance Market: Ken Research

Tuesday, March 7, 2023

Future Outlook of Australia Remittance Market: Ken Research

What Is The Size Of Australia Remittance Industry?

Australia Remittance market is growing at a CAGR of ~% in 2017-2022P and is expected to reach ~USD Bn by 2027F.

The Australia Remittance Market is largely driven by the rising digital platforms, increased internet and smartphone penetration and government’s initiatives.

The Australian Government remains committed to delivering on the 2014 G20 Call to Action on Remittances. Australia is engaging with commercial banks and industry associations to support low cost remittance transfers in its region. Australia is also leveraging its aid initiatives and a seasonal workers program to better prepare workers from the Pacific to invest remittance savings upon return to their home countries. Australia continues to support transparency initiatives, such as remittance price comparison websites. Additionally, Australia is engaging with global standard setting bodies, and its domestic authorities, to review the impact of Australia’s anti-money laundering and counter terrorism legislation on remittance transfers. The National Remittance Plan of Australia intends to make it possible for everyone to send money in a secure and economical manner.

Australia Remittance Market By International Remittance Flow Corridor

The Australia Remittance market is segmented by International Remittance Flow Corridor into Inbound and Outbound Remittance Flow.

The international remittance flow was observed to be dominated by the outbound flow corridor in Australia which was far more that the inflow that was observed in the country in 2022P. Outbound remittance in international remittance market has accounted for a significant portion of overall transaction volume owing to outflow of remittance from Australia to other countries.

Australia Remittance Market By Domestic Remittance Flow Corridor

The Australia Remittance Market is segmented by Domestic Remittance Flow Corridor into Urban to Rural, Urban to Urban, Rural to Rural and Rural to Urban. the highest market share in 2022P, as people migrate from rural areas to urban areas for job opportunities and send money back home.

Australia Remittance Market By Channels Used

The Australia Remittance market is segmented by Channels Used into Banking Channel, MTOs, M-Wallets, Digital Platforms and Others.

Banking Channels dominated the Remittance Market in Australia. With digitalization and internet and smartphone penetration, people have started using digital platforms and it is gaining momentum in the market.