Superyacht Policy Change Possible

Winding back superyacht regulations could be the key to unlocking the potential of the Whitsunday economy.

The Queensland Government has received Superyacht Australia’s report on the Economic Impact of the Superyacht Sector on the Australian Economy and Treasurer Curtis Pitt said some good ideas were flagged.

“The study reports that the sector directly supports more than 1100 jobs and directly contributes $103.7million to the Cairns and Whitsundays gross regional product, but with a policy change could deliver hundreds more jobs and nearly double the economic benefit,” he said.

Abell Point Marina general manager Luke McCaul said he was hoping to see regulations prohibiting superyachts larger than 35 metres from entering the Great Barrier Reef Marine Park abolished in the Whitsunday plan of management.

However, this wasn’t the only issue he said was holding back the industry.

“The second one is the import tax required on foreign flagged vessels which is 10% of the hull,” he said. “For a vessel worth $5million, they would have to pay $500,000 to come here, which is not viable.”

Source: Whitsunday Times