Bill represents billion dollar boost to the marine industry and Australian economy

This morning, on 27^th November, the Morrison Government has introduced the Special Recreational Vessels Bill 2019, which will allow foreign-owned superyachts to charter in Australia.

Granting access to these vessels will create an estimated 11,800 jobs and $1.64 billion in revenue to the Australian economy by 2021.

Charter vessels make up over half of the world’s superyacht fleet. There are currently more than 5,000 superyachts in the world, increasing each year by an additional 150 new yachts.

Previously, these vessels could not operate commercially in Australia unless they completely imported the vessel, which was a major deterrent to foreign superyacht owners considering cruising Australian waters.

David Good, CEO of Superyacht Australia, welcomed the news of the bill moving through parliament, commenting, “Now is the critical time to act. We commend the deputy Prime Minister, the Hon Michael McCormack for introducing this bill today. Huge events in the pacific over the next 18 months will mean large numbers of superyachts will be in our region. The Tokyo Olympics in July 2020 and the Americas Cup in Auckland 2021 are expected to bring around 160 superyachts to our region – which is on the radar for superyacht owners for the marvellous cruising grounds and world-class service facilities Australia offers.”

“These changes will also benefit the local superyachts charter market,” continued Mr Good. “Regions that have a high level of charter activity receive increased international marketing exposure which then encourages further investment in locally based vessels, infrastructure and repair facilities.

“With this change introduced by the Morrison government, Australia will enjoy a similar boost to our local industry and the thousands of skilled trade jobs and economic benefits that come with it. We congratulate the Morrison government for their foresight in supporting the Australian marine industry.”

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