Visiting superyachts contribute over $100M to the Australian economy in 2020
Data released at the Australian Superyacht, Marine Export and Commercial Industry Conference (ASMEX) by Superyacht Australia, the peak body for the superyacht industry, shows that foreign flagged superyachts stayed an average of 128 days in 2020 compared to an average of 73 days in 2019 representing a 75% increase in the length of stay. The economic impact of this was just over $100M and represents a 58% increase on 2019’s already impressive economic impact of $63M.
The passage of the Special Recreational Vessel Act in December 2019 by the Federal Government now allows foreign flagged superyachts to charter in Australian waters. As a result, Australia saw its first charter client in December, with Hollywood actor Will Smith chartering a superyacht out of Cairns. With the passage of these laws it is expected that Australia will see a further 300% increase of visitation over the coming three years.
In 2020, Queensland saw the highest number of visiting vessels along with the longest duration of stay generating an 84% increase compared to the previous year. “The Queensland state government has supported the industry through their Superyacht Development Strategy. The state government established a fund that helped Queensland businesses attend overseas events and for shipyards to meet international compliance standards required for this high level of work. This type of government support has certainly paid off in visitation and encouraged significant private investment in the refit and maintenance industry in Queensland, which in turn means substantial jobs for marine trades.” stated David Good CEO of Superyacht Australia.
After Queensland, the highest visitation was seen was in NSW, followed by Western Australia and Victoria. The Northern Territory had the largest size visiting vessel, with a length of 107 metres M/Y Andromeda. Superyacht Australia, who has been working in partnership with Tourism Australia, has actively promoted Australia to showcase the signature experiences that Australia can offer visiting superyachts. “With an estimated tripling in visiting foreign flagged vessels visiting our waters, 11,800 jobs will be created for Australians in servicing these vessels.” added Good.