Superyachts will boost Whitsundays economy

The Whitsundays is set to become ‘the jewel in the crown’ for superyachts heading into Australian waters with the passage yesterday of legislation to remove import duties and cut red tape.

The Special Recreational Vessels Bill will put Australia on a level playing field with other destinations such as Fiji and New Zealand and allow for a supercharged injection into the economy, particularly in the Whitsundays. 

Cutting this red tape will vastly expand Australia’s ability to share in tourism benefits that our Pacific neighbours have been enjoying for some time.

This unlocks a number of exciting trade and tourism opportunities all along the coast, particularly for the Whitsundays and I know there were a couple of superyachts poised and waiting for this legislation to pass, so we will start to see the positive impacts of this common-sense legislation almost immediately.

There are around 5,000 superyacht vessels around the world and this Bill will allow Australia to take advantage of this thriving industry, bringing passengers from all over the world to sail in our waters. The Whitsundays is ready to welcome superyachts to our region with the Coral Sea Marina preparing to host the fourth annual Australian Superyacht Rendezvous next year.

According to research from AEC Group, the weekly spend of a superyacht - $174,300. We're expecting an additional 30 vessels in the next 12 months. That figure would bring in an extra $101 million in direct local spend and unlock close to 12,000 jobs and about $1.64 billion in extra revenue nationally. The length of stay in Australia is also expected to increase with the passing of this bill and estimates suggest it could be worth $3.4 million to the Whitsundays annually.