Queensland businesses are set to cash in on the multimillion-dollar superyachts parking in the state’s pristine waters with the Palaszczuk Government today announcing a Superyacht Industry Development Fund (SIDF).

Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick said funding of up to $335,000 would be provided over the life of the state’s Superyacht Strategy 2018-23, released earlier this year, to support businesses looking to access the industry.

“We want Queensland to become a leading Pacific superyacht destination, and this funding will help deliver this vision,” he said.

“Superyacht owners put considerable time, money and effort into maintaining their superyachts and this is a fantastic opportunity for Queensland businesses to cash in.

“We want Queensland businesses providing construction, maintenance, tourism operations and other services to expand the superyacht industry and stimulate job growth, particularly in the major maritime precincts of the Gold Coast, Brisbane, Cairns and the Whitsundays, but also in other regional areas.

“Many of these services needed by superyacht owners can only be delivered by appropriately skilled and certified businesses.

“The fund will assist interested Queensland enterprises to gain industry-related certification, as well as build relationships and connections in the international market which will help them attract business to Queensland.

“Small-to-medium enterprises interested in accessing the superyacht industry are eligible to receive matched funding of up to $19,000 per year toward industry certifications, attendance at international trade shows and bringing international delegations to Queensland to promote their capabilities.

“Superyacht charters spend about 10 per cent of the value of the vessel on running costs, maintenance, provisioning and follow-on tourism, and when these yachts can be valued in the hundreds of millionsservicing them has enormous positive economic potential for the state.”

In 2016, the superyacht industry in the Cairns and Whitsundays regions contributed $320 million and around 2660 jobs to the local economies and with the delivery of the Government’s Superyacht Strategy, these figures are expected to rise to $580 million and around 4500 jobs by 2021.

In South-East Queensland, superyacht activity brought $630 million into the state’s economy and supported 4500 jobs in 2016, and is expected to expand to $1.1 billion and nearly 8000 jobs by 2021.

Chairman of Superyacht Australia Barry Jenkins said the funding would help secure Queensland’s potential as a leading Pacific superyacht destination.

“Queensland has arguably the best year-round cruising ground, refit and maintenance yards and skilled tradespeople in the entire Pacific, and with the upcoming Tokyo Olympics and America’s Cup, the next few years will see more superyachts in our region than at any time previously,” he said.

“This funding and support from the Queensland Government will establish Queensland as the dominant destination not only in Australia but in the South Pacific, securing more skilled jobs and economic benefit to small family owned businesses.”

Chairman of Superyacht Queensland Cameron Bray said the Superyacht Industry Development Fund was an important component of the support being offered by the Queensland Government.

“Fundamental to the implementation of the Queensland Superyacht strategy is the ability for small and medium-sized businesses to get in front of key industry stakeholders around the world,” he said.

“These grants will help those businesses build the international partnerships which will attract a greater proportion of the global superyacht fleet to Queensland to cruise, as well as take advantage of the second-to-none refit and maintenance facilities the state offers.”

Information sessions for businesses interested in supplying to the superyacht industry have recently been held around the state, with two more being hosted by Bundaberg Regional Council and Moreton Bay Regional Council:

Scarborough, Monday 19 November 2018, 10:00 am – 11:00 am Suttons Beach Pavilion, 50 Marine Parade. Register via Eventbrite

Bundaberg, Monday 19 November 2018, 2:30pm – 3:30pm, Rowers on the River, 2 Toonburra Street. Register via Bundaberg Regional Council on 4130 4315 or helen.swanson@bundaberg.qld.gov.au

The first round of funding applications for the SIDF open on Monday 12 November 2018 and remain open for four weeks.