Latest News

QLD superyacht strategy

QLD superyacht strategy

The Queensland Government, in collaboration with industry, has developed a strategy to market Queensland as a destination; strengthen industry capacity; resolve regulatory impediments; and to facilitate the development of world-class marine infrastructure.

The marine industry has always been an integral part of Queensland’s economic and regional development. The State’s emerging superyacht industry, as a component of the greater marine industry, has been identified as having enormous growth potential. The sector represents an opportunity for Queensland’s marine industry to build further upon its significant global reputation.

Queensland boasts Australia’s largest superyacht industry and has the opportunity to closely align with the international industry, which has experienced a significant period of growth over the past decade in line with strong global economic growth. The sector worldwide is reported to have expanded by a staggering 500 per cent over this period and there are strong indications this growth will continue for the next decade.

Superyacht numbers worldwide have doubled from 3,500 in 2002 to an estimated global fleet of 7,000, with a further 916 new builds under contract in 2008. The average cost of a newly-built superyacht is estimated to be around $40 million with annual operating and maintenance costs averaging 10 per cent of the purchase price.

The Queensland Government, in collaboration with industry, has recognised the need for a comprehensive statewide superyacht strategy to:

• highlight and harness regional capability
• foster industry collaboration
• achieve a balanced regulatory framework
• develop increased capability
• ensure economic growth takes into account environmental, social and cultural
impacts, and
• continue to create employment opportunities for Queenslanders.

This strategy will also link to broader tourism industry initiatives through collaboration between regional marine industry and tourism bodies and seek to further business networking opportunities that may arise from interaction with the owners and head crew of visiting superyachts.

The strategy has been developed in close consultation with industry and other State and Federal government agencies and promises to deliver a high-level of confidence in the future of the superyacht industry in Queensland. Formal feedback from industry supports the actions and issues addressed within this strategy.