First grants announced under Superyacht Industry Development Fund

Six Queensland companies will share more than $41,000 through round one of the Queensland state government’s Superyacht Industry Development Fund.

The fund is part of the Queensland Superyacht Strategy, which sets out the state’s plan to grow the superyacht industry and increase its global market share 10 per cent by 2023.

Minister for State Development, Manufacturing, Infrastructure, and Planning, Cameron Dick, said expanding the superyacht industry will stimulate job growth in major Queensland marine precincts, including the Gold Coast, Brisbane, and Cairns.

“This industry is of significant value to our economy. For example, the south-east, superyacht activity has the potential to contribute more than $1.1 billion to our economy and support almost 8,000 full-time jobs by 2021,” said Dick.

“In Cairns and Whitsundays, meanwhile, superyachts are anticipated to bring in $580 million and create 4,500 full time equivalent jobs over this same period, exciting growth projections we’re eager to maximise.”

Assistant Minister for Tourism Industry Development and Member for Gaven, Meaghan Scanlon, said the fund would help Queensland businesses secure more contracts.

“We introduced this development fund late last year to support small-and-medium-sized businesses supplying to, or with the potential to supply, to the superyacht industry,” said Scanlon.

“This first round of funding will help Queensland businesses build valuable relationships in the global superyacht market through participation in international trade shows in Singapore, Tahiti, Monaco, and Fort Lauderdale.”

Superyacht Strategy Champion and Member for Cairns, Michael Healy, said the government’s efforts were crucial in promoting Queensland as a world-class Pacific destination for superyacht cruising, constructions, fit-out, and maintenance.

“We want Queensland to be recognised as the key superyacht hub of Asia-Pacific, and initiatives like our Superyacht Industry Development Fund will help us achieve that,” said Healy.

Round one recipients of the Superyacht Industry Development Fund are:

  • Abell Point Marina (Airlie Beach)
  • Carter Marine Industries (Cairns)
  • Gold Coast City Marina and Shipyard (Brisbane)
  • Seaspec Marine Services (Gold Coast
  • Trinity Fire Services (Cairns)

Successful recipients are eligible to receive matched funding of more than $19,000, which can be put towards industry certifications, international trade show attendance, and bringing overseas delegations to Queensland to promote their business.