Reef’s valued at $ 56b
THE Great Barrier Reef is worth $ 56 billion – that’s the price tag put on the global value of our biggest living natural treasure.
To give it a dollar figure comparison, it equates to 12 Sydney Opera Houses or the cost of building Australia’s new submarines.
Visible from outer space, the largest living structure on Earth and one of seven natural wonders of the world is more than just coral reef.
It is part of Australia’s cultural DNA, our spiritual identity, a food source, a biological marvel and the heart and soul of Brand Australia.
News Corp Australia can today exclusively reveal findings of the world- first study of the economic, social and iconic value of the natural asset.
The Deloitte Access Economics report found the 2300km- long coral system supports 64,000 jobs and contributes $ 6.4 billion to the Australian economy.
It is a bigger full- time “employer” than many of Australia’s corporate giants including National Australia Bank, Qantas and Telstra.
It also found more than half of Australians are willing to pay a new “reef tax” of $ 1.30 a week to help save the Reef and protect it for future generations.
“We’ve got to get off this hamster wheel of coal versus coral,” said Anna Marsden, of the Great Barrier Reef Foundation, which commissioned the report.
“Neck and neck with climate change, the biggest threat to the Reef is apathy.
“People are switching off. While hunting around for someone to blame, the Reef is dying.
“Let’s move on from that sad, divisive dead end and make it about how we can save it.
“We’ve got a 30- year window to fix it or the Reef will be gone.”
The survey of 1500 Australians and residents from 10 countries worldwide took six- months and consulted 80 economic and scientific journals.
Climate activist Al Gore said: “This timely report is a muchneeded, holistic view of the incredible economic value and opportunities provided by the Great Barrier Reef.”
“Any failure to protect this indispensable natural resource would have profound impacts not only to Australia but around the world.”