Australian Commercial Marine Industry Economic Impact study: a crucial step for the sector's growth
by AIMEX 12 Feb 11:22 NZDT
Austal © AIMEX
The Australian Commercial Marine Group (ACMG), has commissioned the experienced independent economic consultants AEC Group to conduct a Commercial Marine Industry Economic Impact Study (EIS) to evaluate the sector's contribution to the Australian economy.
This study will serve as a crucial resource in demonstrating the industry's economic significance and overall impact. AEC Group has successfully delivered a number of marine industry studies for the cruise and superyacht industries previously.
The EIS will measure the industry's direct, indirect and induced economic impacts on the economy, measuring key factors such as employment, income generation, the value of products and services and the sectors influence on related industries like tourism, logistics, and trade.
The EIS will provide a comprehensive analysis of the commercial marine industry, covering design work, construction, equipment suppliers, and operators. A particular focus will be on operators, who will be further categorised by operating and maintenance expenditures associated with owning and operating commercial vessels.
To provide clarity, the study will define what constitutes a commercial marine vessel to ensure the report accurately represents the economic footprint of the commercial marine sector. This includes but is not limited to passenger boats, event and function vessels, workboats, fishing boats for deep sea charter and tourist boats. The study will exclude vessels primarily used for leisure or personal purposes, such as houseboats, as well as defence vessels, cargo ships, freight vessels and cruise ships.
Once completed, the study will provide valuable insights that ACMG, its members and wider industry stakeholders can leverage to make informed decisions, justify investments, drive growth, influence policy, and attract new investment.
Building on the success of the Superyacht Industry Economic Impact Study, which has been instrumental in advancing the superyacht sector, this new study will serve as an essential/critical benchmark for the commercial marine industry.
Over the next three months, ACMG will reach out to companies across the commercial marine industry to gather essential data for the report. This collaboration will be pivotal in ensuring the study's accuracy and relevance, so all stakeholders are encouraged to actively participate.
The findings will be presented to the industry at the second annual ACMG Conference on 31 July, where the key takeaways and actionable insights for the future of the commercial marine industry will be discussed.
The study represents a significant opportunity for ACMG members and the wider commercial marine industry to gain a deeper understanding of the economic impact of their contributions to the sector. With clear data and analysis, the industry will be better positioned to advocate for a stronger, more sustainable commercial marine industry in Australia.