Deloitte Access Economics report says "Great Barrier Reef 'too big to fail' at $56b"
The Great Barrier Reef has a total asset value of $56 billion and is “too big to fail”, according to a new report.
Deloitte Access Economics has calculated the economic, social and iconic value of the world heritage site in a report commissioned by the Great Barrier Reef Foundation.
Tourism is the biggest contributor to the total asset value making up $29 billion.
The Great Barrier Reef generates 64,000 jobs in Australia and contributes $6.4 billion dollars to the national economy, the report said.
It states the brand value, or Australians that have not yet visited the Reef but value knowing it exists, as $24 billion.
Recreational users including divers and boaters make up $3 billion.
“That’s more than 12 Sydney Opera Houses, or the cost of building Australia’s new submarines. It’s even more than four times the length of the Great Wall of China in $100 notes,” the report states.
The report does not include quantified estimates of the value traditional owners place on the Great Barrier Reef and it said governments should consider doing more to protect it.
Source
ABC News
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