International Holidays 33 Percent More Expensive Than Pre-COVID
But higher costs are not dampening Australians’ desire to travel abroad
But higher costs are not dampening Australians’ desire to travel abroad
Travelling overseas is significantly more expensive than before the pandemic, and the cost has risen at a much faster rate than domestic travel. New Finder research shows domestic holidays are 19 percent more expensive than pre-COVID, while international holidays now cost 33 percent more.
Australians are spending an average of $6,765 on international trips, according to Finder. Accommodation is the most expensive component at $2,343 on average, closely followed by flights at $2,153. Finder’s travel expert, Angus Kidman said higher demand had pushed prices up. “International travel has become more costly as pent-up demand and the peak European summer season coincide.” Other factors that have made international travel more expensive in 2023 include higher jet fuel prices, staff shortages at airlines and airports, worldwide inflation and airlines being slow to return all their planes to the sky following their fleets’ grounding during COVID-19.
But higher costs have not deterred people from heading abroad. Australians are making up for lost time, with ‘COVID revenge travel’ prompting many to head overseas this year. According to the Australian Bureau of Statistics, leisure dominated overseas travel intentions in FY23, with 53 percent of travellers going overseas for a holiday, 32 percent travelling to visit friends and family and only 6 percent heading overseas on business.
Government forecasts show Aussies will keep travelling overseas in 2024 despite the significantly higher costs, and demand is expected to reach pre-pandemic levels by the end of the new year. However, there are signs that the cost-of-living crisis is starting to bite, and 2024 may the last big year of revenge travel before Australians tighten their belts. According to the Tourism Forecasts for Australia 2023 to 2028 report: “In 2023, 9.8 million resident returns are expected, which would be 86 percent of the pre-pandemic level. This increases to 11.3 million resident returns in 2024, which is nearing parity with the number of resident returns in 2019. Looking forward, cost-of-living and budget pressures in Australia are expected to weigh on outbound travel growth. Compared to last year’s forecasts, the profile for outbound growth is very similar. However, high global travel costs and reduced household savings in Australia have had a mild dampening effect.”
Finder says 54 percent of Australians intend to travel in the new year, with 15 percent heading overseas, 14 per cent intending to travel both overseas and domestically, and 25 percent planning to holiday only in Australia. Online travel agent KAYAK says searches for 2024 flights are up dramatically. “As Aussies, travel is in our DNA and despite macroeconomic uncertainties it looks like many Aussies are still struck by the travel bug, with searches for flights to both international and domestic destinations up 47 percent for travel over the next 12 months compared to last year,” said brand director Nicola Carmichael.
Source: Finder Travel Inflation Report
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There are Corvette fans for whom the base US$68,300 car is plenty powerful enough. After all, it produces 495 horsepower and can reach 60 miles per hour in 2.9 seconds. But hold on, there’s also the approximately US$115,000 Z06—with 670 horsepower and able to reach 60 in 2.6 seconds. These split seconds are important for busy people—and for marketing claims. And if that’s not enough go power, there’s the even more formidable 900-horsepower ZR1 version of the Corvette, starting around US$150,000. The hybrid E-Ray, at US$104,900, is pretty potent, too.
But if they’re still too slow, fans of American-engineered muscle can consider the exclusive Texas-built Hennessey Venom F5, a limited-edition carbon-fibre hypercar. Ten years ago, the Hennessey became the world’s fastest production car, defeating the Bugatti Veyron Super Sport, with a top speed of 270.49 miles per hour.
That world title is much sought after, and is currently held by the Sweden-built 1,600-horsepower Koenigsegg Jesko Absolut, with a two-way average top speed of 277.8 mph. But Hennessey is still very much a contender. The company is hoping the 1,817-horsepower F5 (with 1,192 pound-feet of torque) can exceed 300 mph on the track this year.
Hennessey’s previous Venom GT model (introduced in 2010) was based on the Lotus Exige, with a GM LS-based engine, and was built by partner Delta Motorsport. Spokesman Jon Visscher tells Penta , “The new Venom F5, revealed in 2020, is a 100%bespoke creation—unique to Hennessey and featuring a Hennessey-designed 6.6-litre twin-turbo V8 engine boasting 1,817 horsepower, making it the world’s most powerful combustion-engine production car.” Leaps in performance like this tend to be pricey.
This is a very exclusive automobile, priced around US$2.5 million for the coupe, and US$3 million for the F5 Roadster announced in 2023. Only 30 Roadsters will be built, with a removable carbon-fiber roof. The 24 F5 coupes were spoken for in 2021, but if you really want one you could find a used example—or go topless. In a statement to Penta , company founder and CEO John Hennessey said that while the coupe “is now sold out, a handful of build slots remain for our Roadster and [track-focused] Revolution models.”
Only 24 Revolutions will be built in coupe form, priced at US$2.7 million. There’s also a rarefied roadster version of the Revolution, with just 12 to be built.
The Venom F5 coupe weighs only 3,000 pounds, and it’s not surprising that insane speeds are possible when combined with a hand-built motor (nicknamed “Fury”) created with power uppermost. The V8 in the F5, installed in a rear mid-engine configuration, has a custom engine block and lightweight forged aluminium pistons, billet-steel crankshaft, and forged-steel connecting rods. Twin turbochargers are featured. The F5 can reach 62 mph in less than three seconds, but top speed seems to be its claim to fame.
The driver shifts the rear-wheel-drive car via a seven-speed, single-clutch transmission with paddle shifters. The interior is not as spartan or as tight as in many other supercars, and is able to handle very tall people. The butterfly doors lift up for access.
“With 22 customer Venom F5 hypercars already delivered to customers around the world, and a newly expanded engineering team, we’re focusing the Venom F5 on delivering on its potential,” Hennessey says. “Breaking 300 mph in two directions is the goal we aim to achieve toward the end of this year to claim the ‘world’s fastest production car’ title.”
Hennessey says the car and team are ready. “Now the search is on for a runway or public road with a sufficiently long straight to allow our 1,817-horsepower, twin-turbo V8 monster to accelerate beyond 300 mph and return to zero safely.” The very competitive Hennessey said the track-focused Revolution version of the F5 set a fastest production car lap around Texas’ 3.41-mile Circuit of the Americas track in March, going almost seven seconds faster than a McLaren P1.
The Revolution features a roof-mounted central air scoop (to deliver cool air to the engine bay), a full-width rear carbon wing, larger front splitter and rear diffuser, tweaked suspension, and engine cooling. It’s got the same powertrain as the standard cars, but is enhanced to stay planted at otherworldly speeds.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.