What superyachts mean to a local economy

It is an idiom that often gets repeated that a little goes a long way. If you’re wondering how that ties into superyachting, then you only have to look at Sydney, Australia. Back in the late 1990s, Sydney was hardly on the so-called milk run for superyachts, which typically would base themselves in the Mediterranean for the northern hemisphere summer before perhaps heading across the Atlantic to the Caribbean for some winter sun.

The yachts that strayed further than the Mediterranean or the Caribbean were few and far between – a handful might venture through the Panama Canal and get across the Pacific as far as Tahiti before turning around and heading back to the Americas, and one or two might occasionally venture further west toward New Zealand. The fact was, however, that Australia in general and Sydney in particular were as far from destination superyacht as you could get. Indeed, as Richard Morris – Managing Director of Australian Superyachts and a former superyacht captain himself – wrote recently, “In 1999, only five significant superyachts had ever visited Sydney Harbour, and there were only two superyacht berths.”

That was all about to change, however, thanks to two things. First was that Sydney was about to host the 2000 Olympics, which in turn brought considerable interest from superyacht owners who wanted to bring their yachts to the event and who registered their interest. The second was that when it was proposed that the city develop a marina to cater to those yachts, economic sense prevailed and the Rozelle Bay Superyacht Marina opened its doors in time for the Millennium celebrations and the Games. It was the springboard that helped propel Australia into an increasingly sought-after superyacht destination, with friendly media making local and foreign Ultra High Net Worths alike feel comfortable in their own skin and with the idea of owning and cruising their own yachts.

Fast forward 20 years and the fruits of that relative leap of faith are still being enjoyed. Superyacht facilities and support companies, brokers and suppliers, superyacht builders and refit centres, and any number of secondary service companies such as butchers, bakeries, tradespeople, tour operators, wellness practitioners, and countless more derive all or a significant part of their business from superyachts and superyachting in Australia, and even though the number of superyachts coming a long way to cruise Australia is relatively small compared to, say, the Mediterranean, the impact is tangible.

One only has to look at the investment still being made in infrastructure to understand just what a difference people enjoying the superyachting good life makes to local communities. Up on Australia’s Gold Coast in Queensland, several facilities have been expanding their offering to cater to superyachts, further bolstered by the city of Brisbane being awarded the 2032 Olympic Games.

One such is Southport Yacht Club (SYC), which at the start of 2022 officially opened its all-new, AU$9 million, 163-metre superyacht jetty – the largest superyacht berth in Australia. It’s an integral part of the Queensland government’s Superyacht Strategy, which aims to make the state a superyacht hub for the Asia-Pacific region. “The new berth will attract much larger vessels, up to 135 metres in length, which will be a real boost for tourism in south-east Queensland and the local economy,” says Mark Riddell, Waterfront Manager at SYC. “These superyachts contribute significantly to the destinations they visit, spending big on food, beverage, flowers, other supplies, and creating jobs in the marine service and maintenance sector. They also enjoy sightseeing in the local region,” he adds, “which spreads the spend across all areas of the economy.”

In Brisbane, an hour north of SYC, Director of Rivergate Marina and Shipyard Tom Hill also speaks with enthusiasm about the impact superyachts will have on the region. “The Olympic Games in Queensland could easily attract a record number of superyachts to Australia because of the many other exceptional cruising opportunities in the region,” he enthuses. “We know that there is substantial pent-up demand among superyacht owners to visit Australia. The world is experiencing a superyacht building boom and the average size of the vessels is increasing, so we expect there will be many more of these large boats in service by 2032.”

Rivergate is investing AU$200 million in its Brisbane River facility to create a superyacht hub which will include extra superyacht berths, refit facilities, a five-storey trade centre and resort-style crew accommodation. “Our research shows that an additional 60 superyacht visits a year would create 2,000 new jobs in the marine and tourism industries and contribute close to AU$1 billion to the Queensland economy,” Hill offers. “Imagine the boost to jobs and the economy if more than three times this number of vessels dropped in for the 2032 Olympic Games.” And that doesn’t include the boost to jobs and the economy that the construction project itself will deliver.

The benefits are clear to see. The number of visiting yachts may be little and they may have come a long way to experience the exceptional cruising grounds that Australia has to offer, but that little goes a long way in supporting jobs, skills, businesses and communities. It’s a truism that also needs to be repeated often.