Superyacht Australia warns Govt superyacht boost to GDP and Gold Coast economy could be lost to NZ

THE Gold Coast can potentially sink almost half a billion dollars in potential profits unless the Broadwater is dredged and government red tape removed, opening up waterways to super yachts.

Superyacht Australia warns Govt superyacht boost to GDP and Gold Coast economy could be lost to NZ.

THE Gold Coast can potentially sink almost half a billion dollars in potential profits unless the Broadwater is dredged and government red tape removed, opening up waterways to super yachts.

A Superyacht Australia report reveals that with the proper government policy changes, the industry in southeast Queensland will create almost 8000 jobs and $1.1 billion in revenue by 2021.

But if the changes are not made after the promotional boost from the 2018 Commonwealth Games, the Glitter Strip will miss out on 2769 jobs and more than $400 million in profits.

A new economic impact, part-funded by Queensland’s State Government, outlines huge benefits for Australia if Government and industry work together, including major changes on the Gold Coast.

“Critical factors” to be addressed include access for the large vessels to Coomera River, which the Bulletin late this week revealed would be dredged to 3.5 metres thanks to a $3m funding boost from State Government.

In looking at critical infrastructure problems, the report said: “Vessels visiting the Gold Coast are required to clear in at ports elsewhere — Brisbane — and then travel to the Gold Coast presenting inconvenience and significant burden time.”

Lauren Ervin board Patriot 1, a locally-based superyacht chartered by Geoff Lovett International out of Marina Mirage. Superyacht Australia is calling for major changes to policy from Federal Government that a new economic impact report says could unlock an extra $1b in GDP for Australia. Picture: Mike Batterham

Superyacht Australia CEO MaryAnne Edwards said the Government needed to work with the “high-value” sector.

“The lead up to the Commonwealth Games on the Gold Coast presents a unique opportunity to highlight the Australian superyacht sector,” she said.

The most significant change Superyacht Australia is calling for is removal of foreign vessels wanting to charter commercially having to pay a 10 per cent GST bond based on the boat value.

In other countries such as New Zealand, Fiji and Tahiti, vessels pay 10 per cent of the value of the charter.

State Treasurer Curtis Pitt, whose Government contributed $20,000 to the report, has spoken to Trade Minister and Coast MP Steve Ciobo calling for a new bill relaxing superyacht regulatory restrictions.

“I’m keen to support these opportunities to unlock new business opportunities in regional centres and further build on the Gold Coast’s reputation as a superyacht hotspot.”

Gold Coast City Marina is hosting the country’s first Superyacht Rendezvous next month.

REPORT’S KEY POINTS

— Superyacht sector pumps $1.97 billion into national GDP

— Add $254m to that by 2021 if nothing changes

— Add $1.12b to that by 2021 if policy, infrastructure changes

— changes will create 8100 extra fulltime jobs