The Australian Commercial Marine Group (ACMG) has unveiled a comprehensive Economic Impact Statement (EIS) that underscores the substantial role of the commercial marine sector in the nation's economy.
The study reveals that the industry contributes $25.16 billion to Australia's Gross Domestic Product (GDP) each year and supports 137,262 full-time equivalent jobs nationwide.
This significant contribution highlights the sector's vital importance to the country's economic landscape.
Commissioned by ACMG and conducted by independent economic consultants AEC Group, the EIS provides an in-depth analysis of the commercial marine industry's direct and indirect economic impacts. The findings indicate that the sector generates an impressive $50.93 billion in annual business output, reflecting its extensive reach across various facets of the economy.
The study encompasses a broad range of activities within the commercial marine sector, including passenger vessels, event and function boats, workboats, deep-sea charter fishing vessels, and tourist boats. Notably, it excludes vessels primarily used for leisure, such as houseboats, as well as defence, cargo, freight, and cruise ships. This delineation ensures a focused assessment of the commercial marine industry's specific contributions.
David Good, CEO of ACMG, emphasized the significance of the EIS, stating that it provides robust evidence of the economic importance of Australia's commercial marine sector. He highlighted that, for the first time, there is a comprehensive benchmark capturing the full scale of the industry's contribution to jobs, productivity, and national prosperity. This evidence base is expected to guide policy decisions, infrastructure investments, and long-term growth strategies within the sector.
The EIS also sheds light on the geographical distribution of the industry's economic impact. New South Wales emerges as the largest economic driver, closely followed by Queensland. With the upcoming 2032 Olympic Games, Queensland is anticipated to surpass New South Wales, provided that the comprehensive 2032 Marine Project currently under government consideration is adopted. This projection underscores the dynamic nature of the industry and its potential for growth in response to strategic initiatives.
In addition to quantifying the industry's economic contributions, the EIS highlights the importance of the sector's supply chains, which extend across transport, tourism, advanced manufacturing, engineering, and marine science. This interconnectedness underscores the commercial marine industry's role as a linchpin in Australia's broader economic framework.
The release of the EIS coincided with the inaugural Great Barrier Reef Commercial Marine Conference held in Cairns. The event brought together industry leaders, operators, and suppliers to discuss the study's implications and explore opportunities for collaboration and growth within the sector. The conference served as a platform to reinforce the industry's commitment to sustainable development and economic resilience.
For stakeholders in the commercial marine industry, the EIS serves as a critical tool for advocacy, policy engagement, and strategic planning. By providing a clear and comprehensive picture of the industry's economic impact, the study empowers industry leaders to make informed decisions and advocate effectively for the sector's interests.
In conclusion, the Australian Commercial Marine Economic Impact Statement offers a compelling narrative of the industry's substantial contributions to the national economy. With $25.16 billion added to the GDP and over 137,000 jobs supported annually, the commercial marine sector stands as a cornerstone of Australia's economic vitality. As the industry looks to the future, the insights provided by the EIS will undoubtedly play a pivotal role in shaping its trajectory and ensuring its continued success.
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