Historic fleet delivers $10.8b boost
The owners of Australia’s historic vehicles spend some AU$9.9 billion each year – or about NZ$10.8b – on their passion.
An economic value study of more than 6,000 respondents, distributed to 800 motoring clubs nationally, was conducted for the Australian Motor Heritage Foundation (AMHF) by the Mercurius Group.
The AMHF is the country’s custodian of motoring knowledge and is dedicated to preserving its automotive history.
There are about 970,000 historic vehicles across the Tasman with an average of AU$10,240 spent on each one every year.
That’s about 12.5 per cent more than people who own daily-driven cars and the historic fleet represents 4.4 per cent of the 21 million units in Australia’s overall fleet.
About 50 per cent of the survey’s respondents own one historic vehicle with the remainder owning two or more.
Such a survey has never been comprehensively done on such a wide scope or nationally in Australia.
Following publication of a similar landmark 2020 HERO-ERA study in the UK, the AMHF decided to find out what the real figure for the economic contribution of historic vehicles was for Australia.
Chairman Hugh King says: “The findings of this report have highlighted the significance of the historic-vehicle sector to the community at large and the economic sector. The response from motoring-club members has been unprecedented.”
He adds economic modellers at Mercurius have never had so large a data pool to work with, proving enthusiasts care as passionately about their historic cars as they do about having their voices heard.
“In carrying out this study, we’ve shown the historic-vehicle movement is a large and vibrant part of Australia’s society and economy.”
The survey also reveals its total annual economic impact – including direct and indirect secondary expenditure – comes in at AU$25.2b with the sector creating almost 79,000 jobs, 42,000 direct and 37,000 indirect. These jobs generate $6.2b in wages and salaries annually.
Stavros Yallouridis, chief executive of the Motor Traders’ Association (MTA) of NSW, says the AMHF’s survey has provided more evidence of the significant contribution the car sector has in the broader Australian economy.
He adds: “Despite the end of local-vehicle manufacturing, Australia maintains a rich and diverse automotive industry, which employs hundreds of thousands of people across a range of roles.
“It’s one of the backbones of our economy and is also at the heart of our communities.
“This survey and its response highlights the necessity for Australia to back its automotive sector with world-class training, skills development and career pathways.” Copies of the report can be downloaded from www.motorheritage.org.au
Read about the value of historic and classic vehicles to New Zealand’s economy in the August edition of Autofile magazine.
