Josh Frydenberg to boost Australia’s cycling economy

It’s the leisure activity of choice for many of Australia’s corporate high-flyers, and now Treasurer Josh Frydenberg is pumping up the cycling economy by launching a new EY report on the power of the pedal.

According to EY, 4.62 million people ride a bike in a typical week and 10.19 million rode a bike in 2020.

After bike purchases ($1.5 billion a year), spending on bicycle tourism and services is the second biggest category ($1.1 billion), followed by equipment ($668 million) and accessories ($550 million).

State and local governments shell out about $430 million a year in direct bike infrastructure.