Trade industry body Superyacht Australia has commissioned an economic analysis of the superyacht sector in the country. The survey will provide a clearer understanding of the economic contribution to the Australian economy and identify the value-add directly attributable to the operation of superyachts across Australia and the individual states.
Superyacht Australia has secured funds for an economic impact study into the superyacht sector in the country. The initiative has the support from Treasurer Curtis Pitt and Anthony Joseph Lynham, Minister for State Development, both are two key Queensland Ministers.
“Undertaking an economic analysis of Australia’s superyacht industry will provide the sector with a clearer understanding of their economic contribution to the Australian economy and identify the value-add directly attributable to the operation of superyachts across Australia and then looking at the individual states. We also want to understand the significant tourism value our industry contributes,” MaryAnne Edwards, CEO of Superyacht Australia, explains.
Edwards has confirmed the funding for the study. A tender process had been conducted with an industry panel with AEC Consulting Group identified as the preferred supplier.
The study will also identify future economic opportunities provided by the growing global superyacht market and be a great tool to lobby both state and federal governments to institute policy and regulations to support these opportunities.
“With the ability to offer safe and secure cruising in pristine uncrowded waters in a destination that has it all, Superyacht Australia is expecting significant increases in the number of superyachts wanting to cruise down under,” Edwards adds.
Australia has the capability and infrastructure to service the global superyacht fleet and has reported an increase in the number of enquiries from agents and marinas.
Commenting on the government support, Edwards says: “We would not be able to undertake this study without the support of the Queensland Government who we are hoping will use the study to reinstate their strategic plan for the Queensland superyacht sector.”
Edwards notes that with the Commonwealth Games coming up in 2018, Queensland and the Gold Coast in particular are preparing for an increase in the number of superyachts arriving on their doorstep both from overseas and from other states of Australia.
“By supporting the growth and development of the superyacht industry we are aiming to give marine businesses around the Queensland coastline new contract opportunities to provide food and fueling services, bunkering, maintenance, private jet services and crew pit stops,” says Minister Lynham.
“We know superyacht charters are popular around Papua New Guinea and Indonesia at the moment and Queensland’s proximity to these hotspots makes our state a logical port of call. Cairns continues to be the major port of entry for superyachts and has all the infrastructure and supply chain to service these vessels at the highest level,” he adds.
The Queensland Treasurer Curtis Pitt is also backing the Superyacht Australia plea to the Federal Government to introduce legislation to allow foreign flagged superyachts to charter in Australia.
“Changes to the charter regulations will open the doors to growing the industry and the biggest impact of this would be regional Queensland,” Treasurer Curtis Pitt comments.
The Superyacht sector in Australia continues to go from strength to strength with considerable private investment in marinas and refit facilities along the east coast.
Superyacht Australia is working closely with Tourism Australia, whose team of experts are providing guidance on all future marketing strategies.