It’s not a drop in the ocean!
What do you think the NSW marine estate is worth?
For the first time, the economic value of the marine estate has been calculated, with a new report revealing a $16.2 billion contribution.
Importantly, the NSW Marine Estate Economic Contribution and Market Insights report can inform ongoing management of the state’s ocean economy.
The report revealed marine industries generated a staggering $16.2 billion for the NSW economy in 2021-22, making up 2.5% of GDP.
Program Leader Marine Strategy Implementation for Primary Industries and Regional Development Fisheries, Tonia Clarkson said it is a significant economic contribution, but the benefits don’t stop there.
“The marine estate plays an important role in the NSW economy; jobs are created, incomes are earned, and both state and regional economies benefit,” she said.
“In the same period, marine industries and activities supported 103,800 jobs.”
Twenty-seven industries depend on the marine estate. These include commercial and recreational fishing, water transport, boat building and port terminal operations. Of these, 16 industries, representing 63% of total income, depend on a healthy ocean.
Tourism contributed $4.3 billion to the NSW economy. It is the largest single industry reliant on the marine estate,” she said.
Ms Clarkson points out that marine industries are the lifeblood of our regional coastal communities.
“The findings show 53% of the income attributed to the NSW marine estate was generated in the 14 coastal regions outside of the Sydney region.”
“Our inland regions further benefit through supply chain relationships with businesses involved in coastal and oceanic activities," she said.
The report provides baseline information for tracking economic health over time, enabling adjustments in management strategies to increase the marine estate’s contribution to the NSW economy.
“It also offers unique insights into trends impacting marine industries and coastal regions,” said Ms Clarkson.
The next priority is to measure natural ecosystem services, which is expected to demonstrate even greater value.
To find out more about the economic contribution of the NSW marine estate, visit the Marine estate economic valuation and benefits monitoring project page.
NSW Marine Estate Economic Contribution and Market Insights report was produced in collaboration with Department of Primary Industries and Regional Development, Department of Climate Change, Energy, the Environment and Water, Department of Planning, Housing and Infrastructure and Transport for NSW.
This project is funded by the NSW Marine Estate Management Strategy.
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