Population growth is said to be its key driver.
A research by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) says that eating out of home and fast food covers up 34% of household food spending from the 25% shown last 1989.
Results also reveal that an Aussie now spends an average of AUD$3,780 on food annually and that domestic food consumption has doubled as well in the past 20 years.
“The good news story of this research is that while household food consumption expenditure continues to grow, so do our net food exports,” Steve Hatfield-Dodds, executive director of ABARES, said.
Hatfield-Dodds also mentioned that household food budgets as a share of after-tax income have dropped since 1989.
“Higher income households have shown a willingness to pay a premium for quality food, while price is a key factor in the way lower income households shop for their food,” he added.
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