Australia’s domestic superyacht industry doubles in size

Australia is seeing a boom in superyachts, with vessels attracted to Australia and its buoyant domestic charter market. Australians normally spend AU$65 billion (c. €41.9 billion) annually in international travel and with borders closed many superyachts have moved to Australia to offer a luxury alternative to overseas travel. This increase in charter activity in Australian waters provides a huge economic lift with vessels spending around 10 to 12% of their value in operational expenditure annually making every 50-metre (164-foot) vessel worth between AU$5-6 million (c. €3.2-3.8 million) in economic spend into a region per year.

This increase in vessels has a direct correlation to the new charter legislation passed by the federal government in December 2019. The passing of the Special Recreation Vessels (SRV) Act of 2019, coupled with the closure of international borders have contributed to an accelerated growth of the industry, drawing larger superyachts to be based in Australian waters.

The SRV Act removed red tape restrictions on superyachts operating commercially in Australian waters. Prior to this Act becoming law, the largest domestic charter yacht was 42 metres (138 feet); now the largest Australian based yacht is 74.5 metres (244 feet) which is one of eight vessels over 50m now based in Australia since the passage of the Act.

The resulting benefit is a significant rise of jobs across the Australian marine industry. The boom in big boats means a boom for shore-based jobs and investment in infrastructure to support them.

Superyacht infrastructure expansion includes:

• Austal Cairns Slipways new ship lift
• Southport Yacht Club, Gold Coast AU$9 million (c. €5.8 million) 163-metre (534-foot) mega yacht berth
• The BoatWorks Gold Coast AU$120 million (c. €77.5 million) expansion
• Gold Coast City Marina and Shipyard AU$108 million (c. €69.7 million) expansion plans
• Rivergate Marina and Shipyard Brisbane AU$250 million (c. €161.4 million) expansion plans
• NT Government and Paspaley Darwin AU$400 million (c. €258.2 million) Shiplift
• Australian Marine Complex, Henderson WA AU$87.6 (c. €56.55) upgrade
• Ocean Reef Marina Perth AU$126 million (c. €81.3 million) expansion

Western Australia is home to Australia’s two large superyacht manufacturers - Silver Yachts and Echo Yachts. Both yards have recently produced superyachts in excess of AU$83 million (c. €53.6 million) each and are world leaders in superyacht manufacturing.

“We look forward to having more Australian built superyachts based here in Australia. With such spectacular cruising grounds and two of the world’s best superyacht manufacturers, it’s only a matter of time before we will see a large Australian-built superyacht chartering here and showcasing the absolute best of Australia,” commented David Good, CEO, Superyacht Australia.

With continued global growth of the superyacht industry, new legislation allowing foreign owned vessels to charter in Australian waters and the expansion of infrastructure will all result in a significant boost to the Australian economy and job opportunities.

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