RED TAPE TANGLING BIG YACHTS
A NEW Queensland superyacht strategy will go a long way to boost the sector, but restrictions on foreign vessels are preventing the industry from reaching its full potential.
The State Government last week announced that a new “superyacht strategy” would be developed ahead of next year’s Commonwealth Games.
But Superyacht Australia chief executive Maryanne Edwards says they are continuing to lobby the Federal Government to amend legislation, which it believes deters foreign-flagged superyachts from chartering in Australian waters through hefty GST costs.
“We’re losing a lot of business to New Zealand, Fiji and Tahiti,” she said.
Super Yacht Group Great Barrier Reef general manager Joanne Drake said removing the GST restrictions on foreign chartered superyachts in Australia was “key to unlocking huge potential for Australia”.
“We are not requesting any government investment, just the removal of red tape, which will unlock an additional 11,800 full-time jobs and $1.64 billion economic injection within five years,” she said.
The industry has been supported by the State Government in lobbying Canberra.