Superyacht ‘law’ a costly hold up
THE superyacht industry and boss of Gold Coast’s biggest marina are growing impatient with hold-ups to letting foreign vessels run lucrative charters.
The industry has been crying out for Australia to remove a hefty GST bond – 10 per cent of the value of the superyacht – before foreign vessels can charter in local waters.
In other countries, including New Zealand, the bond is based on the value of the charter, which costs significantly less.
At the country’s first Superyacht Rendezvous on the Gold Coast in May last year, local Federal MP Stuart Robert promised to cut the red tape.
But a year on and with the second Superyacht Rendezvous at Gold Coast City Marina at the weekend, little has changed.
Rendezvous organiser and city marina boss Trenton Gay said: “It is frustrating because it is taking so bloody long.
“Governments are very good at taking their time.
“MPs know there are a lot of jobs that come from the industry but have to be careful to be perceived as helping the big end of town.”
Superyacht Australia CEO MaryAnne Edwards said she hoped it might get traction soon and believed federal members including Gold Coast-based Tourism, Trade and Investment Minister Steven Ciobo were “pushing it”.
“If it goes through it will open the floodgates for economic revenue for Australia.”
A Superyacht Australia report last year revealed “proper” government policy including the foreign charter change could lead to an extra $1.1 billion in revenue for the country by 2021, on top of almost $2 billion already created from superyachts.
Mr Ciobo said the Federal Coalition had introduced a bill to pave the way for foreign superyacht charters in Australia.
“All we need is for Labor to get on board and make it happen,” he said.
Mr Ciobo said the proposed amendment to the Coastal Trading Act would axe high costs of importing foreign superyachts and cut the required number of charters from five to one.
A spokesman for Labor Transport and Infrastructure shadow Anthony Albanese said: “We’ve spoken to industry about this. We are looking forward to the Government bringing it on for debate.”
All up, 19 superyachts are on the Gold Coast for the second Rendezvous.