3 MARCH 2023 (Cairns) – Advance Cairns is calling on the region’s tourism, marine and allied industries to have their say on flagged legislative changes which would ensure that the jobs and economic benefits of the superyacht industry would continue to flow to the region.

The Special Recreational Vessels Act 2019 (SRV Act), passed into law in December 2019, allows foreign-owned superyachts to apply for temporary licences to make it easier for them to charter in Australia.

The Exposure Draft Special Recreational Vessels Legislation Amendment Bill 2023 (the Bill) is open for public consultation as the Federal Government considers an extension of the legislation’s sunset date from 30 June 2023 to 30 June 2025.

Advance Cairns has been advocating for over a decade for changes to the legislation, which saw almost more than $250 million injected into the local economy in 20211.

Advance Cairns CEO Jacinta Reddan said extending the clause would have enormous economic flow-on benefits for the region.

“In 2021 the change in policy resulted in an injection of $252 million into our local economy from the superyacht industry through vessel maintenance services and flow-on spending in tourism and provisioning,” said Ms Reddan.

“This is all the more remarkable, considering the ongoing impacts of Covid-19 at that time.”

She said the benefits of the Bill should not be underestimated.

“Extending the clause to continue to allow these vessels to charter in Australia will inject an estimated 33,000 jobs and $4.356 billion nationally by 2025.

“Advance Cairns has been advocating for these changes for over a decade and we will continue to push for this extension.

“We urge industry to lodge a submission as a matter of urgency, noting that consultation will close on March 9.  The benefits of provisioning and maintenance of these vessels as well as job creation are significant and will have an impact right along the Tropical North Queensland coast.”

Public consultation is open until 9 March 2023. To have your say, go to www.infrastructure.gov.au/have-your-say/special-recreational-vessels-legislation-amendment-bill-2023-public-consultation.

To view Advance Cairns’ advocacy submission on the  Special Recreational Vessels Act 2019 go to www.advancecairns.com/advocacy/policy-priorities/superyacht-chartering.