Reef crucial to the economy

HOW much would you have thought the Great Barrier Reef was worth?

$10 billion? No chance. How about $50 billion? Getting close, sort of.

The $56 billion price tag given to the natural wonder might seem arbitrary to some, but it is nonetheless an interesting reminder of its titanic standing in Australia’s economy and culture.

The Deloitte Access Economics report, to be formally handed down today, notes that the Reef injected $2.55 billion into the Wet Tropics region’s economy and supported more than 27,858 jobs during 201516.

Climate change sceptic or not, it is hard not to argue that the Reef is the bedrock of Far North Queensland’s crucial tourism industry.

Reef operators are dismayed by media reports that the Reef is “dead” on the back of mass coral bleaching over the past two years. This is certainly not the case. However, the future of the Reef’s health is cause for concern, and this new report is an indication of why it is worth fighting tooth and nail for its protection.

The governments must ramp up efforts to improve water quality if they’re to be any chance of meeting the targets set in the Reef 2050 plan.

The Great Barrier Reef Foundation, which commissioned the report, hopes the document will serve as a stark reminder about the icon’s clout to citizens, business leaders and all levels of government.

“The study also confirms that no single Australian natural asset contributes as much in terms of brand and iconic value to international perceptions of ‘Brand Australia’,” said GBR Foundation director Steve Sargent ... and let’s not forget “brand Cairns”. Hayden Smith hayden.smith@news.com.au