Great Barrier Reef ‘too big to fail’
The Great Barrier Reef is worth A$56 billion ($58.2b) to Australia’s economy and a new report warns of drastic economic consequences if it is not protected.
Deloitte Access Economics found the reef contributed A$6.4b to the Australian economy in 2015/16 and the World Heritage listed area supported 64,000 full-time jobs.
The report, commissioned by the Great Barrier Reef Foundation, with support from the National Bank and the Great Barrier Reef Marine Park Authority, assessed the reef’s economic, social and iconic value.
“At $56 billion, the reef is valued at more than 12 Sydney Opera Houses,” said foundation director Steve Sargent. “This report sends a clear message that the Great Barrier Reef — as an ecosystem, as an economic driver, as a global treasure — is too big to fail.”
Though the 64,000 jobs it supports is not as many as the 230,000 mining jobs in Australia, this still makes it a bigger “employer” than companies like National Australia Bank, Qantas and Telstra.
The reef’s value as a tourist attraction was the biggest contributor to its A$56b value, followed by A$23.8b from indirect or non-use value (those who haven’t yet visited the reef but value knowing it exists) and A$3.2b for recreational value.
The report warns of vast econom- ic consequences unless more is done to protect the reef. This follows back-to-back mass coral bleaching events and threats posed by climate change and poor water quality.
The report comes amid a sustained campaign by environmental groups against Adani’s new megacoalmine in Queensland which they say will contribute to climate change, the biggest threat to the reef.
The Deloitte Access Economics analysis included a survey of 1500 Australian and international respondents. It found people valued the reef for a wide range of reasons from its importance for tourism to the belief that Australia would just not be the same without it.
Two-thirds of respondents were prepared to pay to protect the reef, based on its importance to the planet, a belief that future generations should be able to visit it, its importance to biodiversity, and feelings that it is morally and ethically right to pay for its protection.
“The reef is critical to supporting economic activity and jobs in Australia,” the report said.
“The livelihoods and businesses it supports [across] Australia far exceeds the numbers supported by many industries we would consider too big to fail.”
Sargent said. “The Great Barrier Reef is justifiably considered priceless and irreplaceable.”