This report assesses the economic, social, icon and brand value of the Great Barrier Reef, writes Great Barrier Reef Foundation in a press release.
Its purpose is to gauge the Great Barrier Reef’s value to Australians and understand how the international community values it.
This research synthesises the results from a range of publicly available data sources, a new survey of over 1,500 Australians and residents from 10 countries world-wide, fresh insights from stakeholder consultations and the efforts of previous research.
The sample was representative and the size statistically significant.
The report estimates the Great Barrier Reef’s:
- Contribution to the Australian economy in 2015–16 through industry value added and employment,
- Economic, social and icon value,
- Significance to Aboriginal and Torres Strait Islander Traditional Owners, and brand value to Australia and the international community
Annual contribution
The first way of valuing the Reef is through its annual contribution to the Australian economy in terms of value added (Gross Domestic Product) and employment.
Our research has shown the Great Barrier Reef contributed $6.4 billion in value added and over 64,000 jobs to the Australian economy in 2015–16 (direct and indirect).
Most of these jobs came from tourism activities generated by the Great Barrier Reef, but there were also important economic contributions from fishing, recreational and scientific activities.
The annual employment supported by the Great Barrier Reef is more than most of Australia’s major banks, and many corporates including the likes of Qantas and Deloitte Australia.
Considering this, the Reef is critical to supporting economic activity and jobs in Australia. The livelihoods and businesses it supports across Australia far exceeds the numbers supported by many industries we would consider too big to fail.
Economic, social and icon asset value
Another way of valuing the Reef is its economic, social and icon asset value. This figure captures the broader aspects of why we value the Reef, and cannot be added to the annual economic contribution figure.
More than the jobs it supports and the value it adds to the economy each year, the Great Barrier Reef is valued at $56 billion as an Australian economic, social and iconic asset.
That's more than 12 Sydney Opera Houses, or the cost of building Australia's new submarines. It’s even more than 4 times the length of the Great Wall of China in $100 notes.
This is Australia’s Reef. This is our natural asset. If we split the $56 billion asset value down into its parts:
- Australians who have visited the Reef as tourists – on their honeymoon, on a family holiday, on a bucket-list trip – derive $29 billion in value
- Australians that have not yet visited the Reef – but value knowing that it exists – derive $24 billion in value
- And the lucky Australians that are recreational users of the Reef – going to the beach, taking the boat out, diving on the weekends – derive $3 billion in value.
