Economy

Great Barrier Reef worth A$56bn, report finds

Great Barrier Reef worth A$56bn, report finds”

Great Barrier Reef in Australia has been valued at $56 billion with a warning of vast economic consequences for the country if no concrete steps are taken to save it.

The Deloitte Access Economics report has revealed the value of the reef is $56 billion, while annually it injects $6.4 billion into the economy and underpins 64,000 direct and indirect jobs.

Using economic modelling, it said the reef - bigger than Britain, Switzerland and the Netherlands combined - was worth Aus$29 billion to tourism, supporting 64,000 jobs.

Great Barrier Reef Foundation director Steve Sargent told The Sydney Morning Herald that no other Australian asset contributed as much value to the nation's brand.

But it ascribes nearly as much - $24 billion - to Australians who are yet to see it, but value knowing that it exists.

"Two consecutive years of global coral bleaching are unprecedented, while increasingly frequent extreme weather events and water quality issues continue to affect reef health", said Dr John Schubert AO, Chair of the Great Barrier Reef Foundation.

The study, based on six months of analysis, included a survey of 1,500 Australian and global respondents from 10 countries.

More news: McPhee ready for bidding war on exposed players

"We've been able to look at it as an "asset" that has incredible value on multiple fronts - from its biodiversity and job creating potential to its support for critical industries and standing among worldwide visitors to Australia", said John O'Mahoney, the lead author of the report.

Deloitte Access Economics calculated the figure on the reef's total "economic, social and icon value".

"As the largest living structure on earth and one of the world's most complex and diverse natural ecosystems, the Great Barrier Reef is justifiably considered priceless and irreplaceable".

Australia hosted a summit of more than 70 of the world's leading marine experts last month to develop a plan on how best to handle the problems facing the reef.

AAP is seeking comment from federal environment minister Josh Frydenberg.

By comparison, Adani's planned Carmichael coal mine project and its associated infrastructure has been valued at $21.7 billion, with the Indian miner forecasting 10,000 direct and indirect jobs.

The report does not include quantified estimates of the value traditional owners place on the Great Barrier Reef and it said governments should consider doing more to protect it.



Like this

loading...
loading...

Latest


26 June 2017
Trump says hostility has stymied bipartisanship
Rand Paul can support. "There's no way the Republican bill brings down premiums", Paul said in an interview on ABC's "This Week". Senate Majority Leader Mitch McConnell has signaled he wants to pass the bill before the July 4 holiday weekend.

26 June 2017
Google, YouTube to introduce new measures to tackle extremist content online
In a statement, Google said such content "poses a serious challenge and more immediate action needs to be taken". Alphabet's Jigsaw group has previously run experiments on YouTube with what it calls the Redirect Method .

26 June 2017
London police confirm deadly high rise fire began in an apartment fridge
The fire spread quickly through the tower block, leading to concerns that cladding on the building did not meet fire safety rules. To help the recovery effort, police will install an elevator on Grenfell Tower's exterior next week, McCormack said.

26 June 2017
Saudi Arabia Rewrites Succession as King Replaces Heir With Son, 31
Prince Abdulaziz bin Saud, 33, was named the new interior minister tasked with counterterrorism efforts and domestic security. The king then has the right to choose his own successor and this person doesn't necessarily have to be his son.

26 June 2017
Spicer: It's Not 'Mean' To Give People Health Care
Governors also said the bill could hurt rural hospitals and senior citizens who have nursing home care covered by Medicaid. Elizabeth Warren "somebody that's just got a lot of hatred". "I call her Pocahontas and that's an insult to Pocahontas".

26 June 2017
Hornets trade 31st pick Frank Jackson to Pelicans
People can expect me to be a fierce competitor, someone who can lead a team, get out and defend, and play my game. He only played one year at Duke but I averaged 11 points in 36 games as a freshman.

26 June 2017
French raiders claim spoils at Royal Ascot
Instead, I'll be focussing my attentions on SHEIKHZAYEDROAD who looks a rock solid each-way bet at 12/1 in places. She certainly looked the part at Ascot last week and her Keeneland win in April looked pretty smooth to me.

26 June 2017
Petra Kvitova qualifies for her first final since horrific knife attack
Muguruza called for her coach, sought to swing the ball around, and eventually just tried to scrap as best she could. Petra Kvitova has qualified for her first final since her career-threatening stabbing.

26 June 2017
South Korean President in attendance as 2017 World Taekwondo Championships officially opens
USA spy satellites have picked up new activity at North Korea's underground nuclear test site, CNN reported on Tuesday. In addition to developing its own missiles, South Korea is now protected from a North Korean missile strike by a U.S.

26 June 2017
Real Madrid Cristiano Ronaldo exit: Man Utd move questioned by Craig Burley
Now, the admission of the two counts of fraud in 2012 and 2013 will see him pay an additional fine of nearly 780,000 euros.