Superyacht study

THE first economic impact study on Australia’s superyacht industry has revealed a high value niche sector, which contributed a total of $1.97 billion to GDP in the 2016 financial year.

The AEC Group study commissioned by AIMEX found the industry is held back by restrictive policy and that it could add an additional $1.12b to GDP by 2021 if regulation is relaxed.

Mary Anne Edwards, chief executive of AIMEX, said if the govt fixed legislation so foreign superyachts have freedom to charter here, the local superyacht industry “would grow substantially - we could see an extra 8,100 local jobs.”

Edwards said allowing more superyachts to cruise in the Whitsundays would help with recovery from Cyclone Debbie.