For the first time a dollar-figure value of the at-threat Great Barrier Reef has been revealed with new research showing the 2300-kilometre reef is too big to fail.
A Deloitte Access Economics report to be released at Hamilton Island on Monday calculated the reef was worth $56 billion.
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Billion dollar reef risk
The impact of climate change and Tropical Cyclone Debbie could cost the Queensland tourism industry $1 billion according to a new report form the Climate Council. Courtesy ABC, the Climate Council.
The 90-page report also gauged how Australians and international visitors valued the Great Barrier Reef with two thirds of the 1500 respondents saying they were willing to pay to protect it.
Almost three quarters of Australians and over half the international respondents named the reef as the iconic Australian UNESCO World Heritage natural site.
Other UNESCO listed sites in Australia include Fraser Island, Greater Blue Mountain Area and Shark Bay.
The top reasons for survey respondents listing the reef as a site to be protected were that it was important to the planet and for biodiversity (61 per cent), future generations should be able to visit it (59 per cent), it's morally and ethically right to protect it (52 per cent) and Australia wouldn't be the same without it.
Great Barrier Reef Foundation director Steve Sargent said the numbers revealed in the report were big and highlighted the reef's contribution to Australia's economy.
Summary of findings:
- $56 billion value as an economic, social and iconic natural asset
- $6.4 billion economic value added to the Australian economic in 2015-16
- $3.9 billion in economic value added to Queensland's economy in 2015-16
- $2.9 billion economic value added to the Great Barrier Marine Park region in 2015-16
- 64,000 jobs nationally linked to the reef, including 33,000 in Queensland
"At $29 billion, tourism is the biggest contributor to the reef's $56 billion value, followed by $23.8 billion from indirect or non-use value, (those who haven't yet visited the reef but value knowing it exists), and its value to recreational users ($3.2 billion) makes up the balance," Mr Sargent said.
"As the largest living structure on earth and one of the world's most complex and diverse natural ecosystems, the Great Barrier Reef is justifiably considered priceless and irreplaceable.
"Alongside its important environmental and ecological function, this report demonstrates that the reef also offers substantial value to Australia and the world in terms of the economic activity it generates and the employment and experiences it supports across the tourism, fishing, recreation and scientific industries.
"At $56 billion, the reef is valued at more than 12 Sydney Opera Houses.
"This report sends a clear message that the Great Barrier Reef – as an ecosystem, as an economic driver, as a global treasure – is too big to fail."
Deloitte Access Economics partner and lead report author John O'Mahony said with the reef under threat the report was a major step in looking to value nature's significance in monetary terms.
"Of course it's priceless and irreplaceable, but we've been able to look at it as an 'asset' that has incredible value on multiple fronts – from its biodiversity and job creating potential to its support for critical industries and standing among international visitors to Australia, and even those who have never been there," he said.
Mr Sergeant said the findings of the value of the reef pointed strongly to the need to protect its future.
"This report is a critical step toward truly understanding what's at stake, as most of us can't, and don't want to, imagine a world without the Great Barrier Reef," he said.