Queensland to explore development of superyacht industry

The Palaszczuk Government will help fund an Economic Impact Study into the superyacht industry in Queensland.

Treasurer Curtis Pitt today announced $20,000 will be provided to enable the EIS and said a tender process had been conducted with an industry panel identifying AEC Consulting Group as the preferred supplier.

“Undertaking an economic analysis of the state’s superyacht industry will provide the Palaszczuk Government with a clearer understanding of the sector’s economic contribution and identify the value-add directly attributable to the operation of superyachts,” Mr Pitt said. 

“The study will also identify future potential economic opportunities provided by the growing global superyacht market and inform government policy to support these opportunities.

“As an indication of the growth potential of this industry, over the next two months 14 superyachts are expected into Cairns alone.

“This is an invaluable contribution to our regional economies, with these cashed-up international travelers looking to enjoy the variety of high quality tourism experiences that Queensland offers right along our coastline.

“The Palaszczuk Government has an open door policy to partnering with the private sector and we’re already seeing an increasing level of private investment in the Superyacht sector with millions committed to upgrade Abel Point Marina and the new Port Douglas facility.

Minister for State Development Dr Anthony Lynham said his department had signed a contract with Superyacht Australia to administer the funds.

“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,” Dr Lynham said.

“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.

“I’m keen to see them continue their Queensland journey down our spectacular coastline along the reef through the Whitsundays and other islands all the way down to the Gold Coast.”

Australian International Marine Export Groupchief executive Maryanne Edwards thanked the Palaszczuk Government for its support.

“Currently Australia is attracting less than 2 per cent of the global superyacht fleet so the opportunity to increase the revenue and jobs in this sector is huge,” she said. 

“We are excited that the Treasurer agreed to back our plea to the Federal Government to introduce legislation to allow foreign flagged superyachts to charter in Australia. 

“This will open the doors to growing the industry and the biggest impact of this would be regional Queensland.

“I would also like to recognise the Queensland Government for its continued support of the Australian Marine Export & Superyacht Conference and the International Business Lounge at the Sanctuary Cove Boat Show – business conducted during the conference and the subsequent days of the show in the IBL was in excess of $4 million, a 50 per cent increase on the year prior.”

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