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Queensland’s first Superyacht Strategy in three years is a boon for the state and knock-on supply chains Australia-wide, according to the peak body for Australia’s superyacht industry.
“The Palaszczuk Government’s decision to develop Queensland’s first Superyacht Strategy in more than three years is very welcome news,” said MaryAnne Edwards, AIMEX Chief Executive.
“It’s a boon for Queensland and supply chains Australia-wide across a broad range of industries – from marine and tourism to refuelling, manufacturing, repairs, and the many small businesses that benefit from superyacht contracts for catering, floristry, and many other things.”
Queensland Treasurer Curtis Pitt announced the news this week at the Gold Coast City Marina in Coomera, Queensland, saying the new Superyacht Strategy will be led by the State Development and Tourism Departments. The state government also committed to invest $45,000 to keep the Australian Superyacht and Marine Export Conference in Queensland.
Ms Edwards said: “This move will give industry confidence and reason to invest, particularly in infrastructure like marinas, which is so important to ensure we reap the full economic benefits of the upcoming America’s Cup and the historic recent move opening up the Great Barrier Reef to superyachts.
“We know New Zealand is already talking about developing their infrastructure to take advantage of the America’s Cup and we can’t afford for Australia to miss out, so it’s great to see Queensland leading this charge.”
With the approaching Commonwealth Games, reinvigoration of the Queensland Superyacht Strategy couldn’t have come at a more opportune time.
Barry Jenkins, Chair of Superyacht Australia based in Queensland stated “There are significant benefits for the Queensland industry short term however long-term economic prosperity is inestimable. It is important for Queensland to invest in support infrastructure for this industry which will have flow on effects across Australia.
This indication of support by the Queensland Government coupled with funding to retain the annual ASMEX Conference on the Gold Coast for the next three years demonstrates great foresight for this significant sector.”
Call for Federal Government to follow Queensland’s lead
AIMEX is calling on the Federal Government to follow Queensland’s lead in supporting Australia’s superyacht industry to grow.
“This is good, smart, positive groundwork but without a Federal change to Australia’s chartering red tape we won’t achieve the growth forecasts projected for this lucrative industry,” said Ms Edwards.
New ports of entry, access to the Great Barrier Reef are all positive moves for the industry but until the chartering issue is resolved Australia will keep losing business to overseas counterparts.
AIMEX has long called for support to grow Australia’s superyacht industry, which contributed a total of $1.97 billion to gross domestic product (GDP) in the 2016 financial year.
Australia’s first economic study on the superyacht industry, conducted by AEC Group, found if restrictive Federal Government policy was relaxed the industry could contribute an additional estimated $1.12 billion to GDP by 2021, for a total contribution of $3.34 billion – it would also see an increase of 8,100 local jobs, for a total of 24,400 jobs by 2021.