Treasurer wants restrictions removed to open Gold Coast gateway after Commonwealth Games
THE Gold Coast is likely to be the big loser unless the federal government reduces red tape which restricts super yachts visiting the Glitter Strip, warns Treasurer Curtis Pitt.
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THE Gold Coast is likely to be the big loser unless the federal government reduces red tape which restricts super yachts visiting the Glitter Strip, warns Treasurer Curtis Pitt.
The findings of a Superyacht Australia Report, to be released later today, shows restrictions like a 10 per cent GST bond based on the boat value need to be removed and better customs facilities introduced.
The report also found critical hard infrastructure constraints like the lack of dredging of the Broadwater, leading to siltation, make it difficult for larger vessels to access marinas for repairs.
Mr Pitt said evidence shows that just one foreign superyacht can spend $2.5 million in a 12-month period, which would have considerable flow-on benefits for local tourism and manufacturing sectors.
He said Superyacht Australia had identified a range of restrictions at the national level that are inhibiting growth in the sector, prompting him to speak to Trade and Tourism Minister Steve Ciobo and Federal Treasurer Scott Morrison.
In southeast Queensland the super yacht industry by 2021 will be worth $724 million, an increase of $94 million, employing 5178 workers.
But policy changes could see the sector employ almost 8000 workers and generate more than $1.1 billion.
“I believe the quickest and easiest way to achieve this is for the Federal Government to introduce a stand-alone Bill into the Parliament to consider the matter of relaxing regulatory restrictions in the superyacht sector,” Mr Pitt said.
“The Federal Department of Infrastructure and Regional Development is currently seeking input on its Coastal Shipping Reforms Discussion Paper, so I will also make a formal submission lobbying to reform the Coastal Trading Act.
“We expect that a relaxation of the current charter restrictions on foreign superyachts would see a significant increase in visitor numbers, which of course would benefit Queensland and Australia by supporting jobs including in regional areas.
“This is a boom industry for Queensland but Federal Government restrictions are holding us back.”