Australian Commercial Marine Industry's $25 Billion Economic Contribution

Commissioned by ACMG and prepared by independent economic consultants AEC Group, the EIS offers an in-depth analysis of the industry's direct and indirect economic impacts. It encompasses various facets, including employment, wages, and industry activities spanning tourism, logistics, manufacturing, and trade. The report serves as a critical benchmark for understanding the sector's significance and guiding future policy and investment decisions.

Key findings from the EIS include:

• An annual business output of $50.93 billion.
• A gross product contribution of $25.16 billion to the Australian economy.
• Support for 137,262 full-time equivalent jobs nationwide.
• Payment of $14.2 billion in wages to Australian households each year.

These figures highlight the extensive reach and influence of the commercial marine industry, extending beyond direct employment to encompass a wide array of supply chains and associated industries. The sector's contributions are particularly notable in states like New South Wales and Queensland, with the latter poised for further growth in anticipation of the upcoming Olympic Games.

ACMG CEO David Good emphasized the importance of this study, stating that it provides hard evidence of the economic significance of Australia's commercial marine sector. For the first time, there is a robust, independent benchmark that captures the full scale of the industry's contribution to jobs, productivity, and national prosperity. The EIS is expected to inform government policy, infrastructure investment, and workforce development strategies, ensuring the continued growth and sustainability of the marine industry.

The release of this report comes at a crucial time, as the industry faces challenges such as skills shortages and the need for strategic support from all levels of government. The findings underscore the necessity for targeted investment in trade training, infrastructure, and policies that recognize the marine sector as a key component of Australia's manufacturing base and Blue Economy.

As the industry looks to the future, the EIS serves as a foundational document that not only quantifies its current economic impact but also sets the stage for informed decision-making and strategic planning. The Australian Commercial Marine Industry's substantial contributions to the economy and employment highlight its vital role in the nation's prosperity and underscore the need for continued support and investment.