Australia’s domestic superyacht industry booming

Australia is experiencing a boom in its superyacht industry, doubling in size. Vessels have been attracted to Australia and its buoyant domestic charter market. 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 for the country.

Seemingly this increase in vessel activity 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 accelerated growth of the industry.

The SRV Act removed red tape restrictions that had been imposed 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.

Examples of resulting superyacht infrastructure expansion in Australia include:
– Austal Cairns Slipways new ship lift;
– Southport Yacht Club, Gold Coast AU$9 million (c. €5.8 million) 163-metre (534-foot) megayacht 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.

“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 in Silver Yachts and Echo Yachts, 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.

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