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Blue economy supporting national prosperity

27 February 2019

Australia’s marine industry is making an annual contribution of almost $70 billion to the national economy, according to a report released today.

Commissioned by Australia’s tropical marine science agency, the Australian Institute of Marine Science (AIMS), the AIMS Index of Marine Industry is a biennial update of the impact of Australia’s marine sector.

Minister for Industry, Science and Technology Karen Andrews launched the report in Townsville, saying it demonstrates the importance of a strong marine industry to create more jobs and boost national prosperity.

“Australia’s marine industry has more than doubled in the past ten years and growth is projected to contribute up to $100 billion annually to the Australian economy by 2025,” Minister Andrews said.

“Tourism and offshore oil and gas exploration were the main marine-based activities, contributing to the economy at over $36 billion and $22 billion, respectively.”

Marine-based industries, widely referred to as the ‘Blue Economy’, service a sector that provides over 390,000 jobs.

“Sustainable growth in Australia’s marine industry is underpinned by strong marine science delivered by world class research agencies like AIMS,” Minister Andrews said.

“This research provides the knowledge that contributes to the industry’s productivity and competitiveness, and protects our oceans’ unique ecosystems.

“Working together preserves the marine environment and creates economic benefits for marine industries and the people in coastal communities that depend on those industries.

“The Liberal National Government is committed to supporting science and scientific endeavour, underlined with a $2.4 billion investment in science in the 2018-19 Budget."

The Coalition Government continues to make significant investments in science, research and innovation – smart, strategic investments that will deliver stable support for our researchers and entrepreneurs across the coming decade.

The Coalition has invested $1.5 billion more into Australia’s science agencies compared to when Labor were last in government, including $53 million more for the AIMS. This forms part of our plan to continue growing Australia’s economy and help create a further 1.25 million jobs over the next five years.

Media contact: Minister Andrews' office 02 6277 7070