Australian Commercial Marine Industry's Economic Impact Unveiled

Commissioned by ACMG and prepared by independent economic consultants AEC Group, the EIS offers an in-depth analysis of the sector's direct and indirect economic impacts. It encompasses various facets of the industry, including tourism, logistics, manufacturing, and trade, providing a holistic view of its significance.

Key findings from the study include:

• An annual business output of $50.93 billion generated by the commercial marine industry.
• Support for 137,262 full-time equivalent jobs across the nation.
• Payment of $14.2 billion in wages to Australian households each year.

David Good, CEO of ACMG, emphasized the importance of this study, stating that it provides concrete evidence of the economic significance of Australia's commercial marine sector. He highlighted that, for the first time, there is a robust, independent benchmark capturing the full scale of the industry's contribution to jobs, productivity, and national prosperity. This EIS is expected to guide policy decisions, infrastructure investments, and long-term growth strategies within the sector.

The report also underscores the critical role of the sector's supply chains, which extend across transport, tourism, advanced manufacturing, engineering, and marine science. Notably, New South Wales emerged as the largest economic driver within the industry, closely followed by Queensland. With the upcoming Olympic Games, Queensland is anticipated to surpass New South Wales, provided the comprehensive 2032 Marine Project currently under government consideration is adopted.

The findings of the EIS were presented at the inaugural Great Barrier Reef Commercial Marine Conference in Cairns, where industry leaders gathered to discuss the study's implications for the future development of Australia's commercial marine industry.

For stakeholders in the marine finance sector, these insights are invaluable. Understanding the economic landscape of the commercial marine industry can inform investment decisions, policy development, and strategic planning, ensuring that the sector continues to thrive and contribute significantly to Australia's economy.