Australian Superyacht Regulation “100% outdated”, overhaul needed

Regulation “100% outdated” superyacht owner says

Excerpt from the Daily Mercury by Emily Smith

Superyacht regulation (in Australia), which once had a frustrated Giorgio Armani cut his trip to the Whitsundays short, is one step closer to an overhaul.

Superyachts arriving in Abell Point Marina.

The State Government has funded a $20,000 economic impact study to find out just how much a visit from one of the luxury cruisers would boost a local economy.

Despite having the largest reef in the world, Australia attracts less than 2% of the world’s 6000 superyachts while New Zealand, which has removed a lot of regulation, has a billion dollar industry.

Two pieces of regulation needed to be overhauled to see the Whitsunday follow suit, Mr McCaul said.

The first was a tax that demanded 10% on the hull value for any international superyacht to operate commercially in Australian waters.

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