If the Great Barrier Reef was treated like a productive piece of infrastructure of similar value – like a dam or a road – it would receive up to $830 million a year in funding. In August 2008, the Great Barrier Reef Foundation commissioned Oxford Economics to undertake a study of the costs of a total and permanent bleaching on the Reef to the Cairns region and, as part of that study, to reassess the value of the Reef. 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. Great Barrier Reef (Qld.) ref Marine parks and reserves – Queensland – Great Barrier Reef – Economic aspects. In November 2014, Google launched Google Underwater Street View in 3D of the Great Barrier Reef. Considering this, the Reef is critical to supporting economic activity and jobs in Australia. ref; The annual value of flood risk reduction provided by U.S. coral reefs is more than $1.805 billion in 2010 U.S. dollars. The Deloitte report even cites (but does not reference) a 2014 study that values the ecosystem services provided by coral reefs at US$352,249 per hectare per year. This is a survey-based methodology, and is commonly used to measure the value of non-market environmental assets such as endangered species and national parks – as well as to calculate the impact of events such as oil spills. The contribution to employment of a healthy Great Barrier Reef to Australia’s economy is estimated at 53,800 full time jobs. The National Library of Australia Cataloguing-in-Publication data: Measuring the Economic and Financial Value of The Great Barrier Reef. The Great Barrier Reef generates 64,000 jobs in Australia and contributes $6.4 billion dollars to the national economy, the report said. The study estimates that the value-added economic contribution of the Great Barrier Reef World Heritage Area to the Australian economy in 2011-12 was $5.68 billion and it … This figure captures the broader aspects of why we value the Reef, and cannot be added to the annual economic contribution figure. --Economic conditions. That's more than 12 Sydney Opera Houses, or the cost of building Australia's new submarines. Bibliography. Tourism is an important economic activity for the region, generating over AUD$ 3 billion per year. The Reef is an irreplaceable global icon. Australians and the international community value the Great Barrier Reef for a range of reasons. https://phys.org/news/2017-06-economic-great-barrier-reef-priceless.html 2. Yet this figure grossly underestimates the value of the reef, as it mainly focuses on tourism and the reef’s role as an Australian icon. It supports 64,000 jobs and contributes $6.4 billion to the Australian economy. Following back-to-back bleaching in 2016/2017, multi-taxa coral nurseries were established in 2018 for the first time on the Great Barrier Reef (GBR) to aid reef maintenance and restoration at a “high-value” location–Opal Reef–frequented by the tourism industry. In 2009, the Foundation commissioned Oxford Economics to undertake an analysis of the total economic value of the Great Barrier Reef and the effects of bleaching in 2009. Image: Turtle and Diver on the Great Barrier Reef. Yet this figure grossly underestimates the value of the reef, as it mainly focuses on tourism and the reef’s role as an Australian icon. Previous studies of the economic value of the Great Barrier Reef have focused on its contribution to Deloitte Access Economics has valued the Great Barrier Reef at A$56 billion, with an economic contribution of A$6.4 billion per year. Given the significance of the recent bleaching event and a heightened public dialogue about whether enough is being done to protect our Reef, the Foundation commissioned Deloitte Access Economics in 2016 to prepare a new report that provides the total economic value of the Great Barrier Reef. In valuing the reef, surveys were used to elicit people’s willingness to pay for it, such as through a tax or levy. ABN 82 090 616 443. The livelihoods and businesses it supports across Australia far exceeds the numbers supported by many industries we would consider too big to fail. In a world first, this new Deloitte Access Economics report, for the Great Barrier Reef Foundation (with support from National Australia Bank and the Great Barrier Reef Marine Park Authority) calculates the total economic, social and icon asset value of the Reef. Another way of valuing the Reef is its economic, social and icon asset value. That’s the conclusion of a new report “Investing in the Great Barrier Reef as economic infrastructure” commissioned by tourism operators, farmers, and conservationists. Stoeckl et al. If we split the $56 billion asset value down into its parts: So why do people value the Great Barrier Reef? Putting a price on the Great Barrier Reef buys into the notion that a cost-benefit analysis is the right way to make decisions on policies and projects that may affect the reef. Ultimately, the protection and prioritisation of the Great Barrier Reef is a political issue that requires political will, and not one that can be solved by pricing and economics. That's the "total asset value" according to a new Deloitte Access Economics report that calculates the World Heritage site's full economic, social and iconic brand value for the first time. The economic, social and icon value of the Great Barrier Reef” followed by a panel discussion with the Authors and QUT Associate Professor Louisa Coglan on the important role of economics in decisions regarding our environment. And the lucky Australians that are recreational users of the Reef – going to the beach, taking the boat out, diving on the weekends – derive $3 billion in value. © 2021 Great Barrier Reef Foundation. Voir les partenaires de The Conversation France. A new Deloitte Access Economics report has calculated the total asset value of the Great Barrier Reef to be $56 billion, assessing the World Heritage site’s economic, social and iconic brand value together in one study for the first time. ref By every measure, the Great Barrier Reef is seen as the natural asset contributing most powerfully to Australia’s global brand. And the number is $56 billion. A study has valued the Great Barrier Reef at US $42 billion, with its value as an ecosystem and economic driver labelled 'too big to fail.' This is Australia’s Reef. Deloitte Access Economics has valued the Great Barrier Reef at A$56 billion, with an economic contribution of A$6.4 billion per year. Yet this figure grossly underestimates the … Its biodiversity may be priceless, but the Great Barrier Reef has a real economic value — 56 billion Australian dollars ($42.5 billion) of real economic value, to be precise, a new report finds. Deloitte Access Economics has valued the Great Barrier Reef at A$56 billion, with an economic contribution of A$6.4 billion per year. The Precautionary Principle suggests that when there is uncertainty regarding the impacts of a new development on an environmental asset, decision makers should be cautious and minimise the maximum loss. By Neil Perry, Western Sydney University. The Great Barrier Reef is the largest living structure on Earth. The Value of the Great Barrier Reef? A recent report by Deloitte Access Economics (1) estimates the asset value of the Great Barrier Reef at A$56 billion (2). For a priceless asset like the Great Barrier Reef, it is perhaps better to leave it as “priceless” and to act accordingly. A valuation of the Great Barrier Reef illustrates many common issues in the economics of environmental valuation. total economic, social and icon asset value, supported by the Reef – more than Qantas, Telstra or Kmart. The National Library of Australia Cataloguing-in-Publication entry : Measuring the economic & financial value of the Great Barrier Reef Marine Park, 2005-06 [elec-tronic resource] : report / by Access Economics Pty Limited for Great Barrier Reef … The Great Barrier Reef (GBR) provides economic and community benefits in the form of tourism, employment, cultural services (tourism and participation in cultural activities) and provisioning services (aquaculture, fish, etc.). ISBN 1 876945 51 6 (Online). The Deloitte report uses what’s known as a “contingent valuation” approach. ref; At least 94 countries and territories benefit from reef tourism. Donations of $2.00 or more are tax deductible in Australia provided they are made voluntarily and the donor receives no material benefit for the donation. Website by bigfish.tv. Droits d'auteur © 2010–2021, The Conversation France (assoc. 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.” The point is that big numbers can grab headlines, but unless all of the caveats in the report are read, taken into account and reported, the big number can be, and often is, reported out of context, leading to suspicion and confusion. and the international community, Australians who have visited the Reef as tourists – on their honeymoon, on a family holiday, on a bucket-list trip – derive $29 billion in value, Australians that have not yet visited the Reef – but value knowing that it exists – derive $24 billion in value. --Economic conditions. Marine parks and reserves – Queensland – Great Barrier Reef – Economic aspects. Deloitte has kindly offered to sponsor this event and breakfast will be served. The Foundation provides its donors with official receipts for Australian tax purposes. A total economic value framework for the Great Barrier Reef John Rolfe . Policies and projects that may damage the reef cannot go ahead. 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.” The point is that big numbers can grab headlines, but unless all of the caveats in the report are read, taken into account and reported, the big number can be, and often is, reported out of context, leading to suspicion and confusion. Most of these jobs came from tourism activities generated by the Great Barrier Reef, but there were also important economic contributions from fishing, recreational and scientific activities. Deloitte Access Economics has valuedthe Great Barrier Reef at A$56 billion, with an economic contribution of A$6.4 billion per year. 2. It also provides a breakdown of the economic contribution by natural resource management region. Yet this figure grossly underestimates the value of the reef, as it mainly focuses on tourism and the reef’s role as an Australian icon. When you include aspects of the reef that the report excludes, such as the ecosystem services provided by coral reefs, you find that the reef … Contribution to the Australian economy in 2015–16 through industry value added and employment, Significance to Aboriginal and Torres Strait Islander Traditional Owners, and brand value to Australia From a global perspective, the Great Barrier Reef’s importance to the planet and to biodiversity is paramount. More than the jobs it supports and the value it adds to the economy each year, the Great Barrier Reef is valued at $56 billion as an Australian economic, social and iconic asset. Great Barrier Reef (Qld.) The Great Barrier Reef Foundation extends its deepest respect and recognition to all Traditional Owners of the Great Barrier Reef as First Nations Peoples holding the hopes, dreams, traditions and cultures of the Reef. This is our natural asset. They may conflate this environmental issue with all environmental issues. The problem being addressed • Public funding is being allocated to protect the GBR – And there are substantial calls for more ... Assessing total economic value for protecting the Great Barrier Reef. But it would require the pricing of all values and especially ecosystem services. Research Lecturer, Western Sydney University. Of course, all methods of valuing environmental assets have limitations. This means the ecosystem services it provides are worth trillions of dollars per year. In 23 of these, reef tourism accounts for more than 15 percent of gross domestic product (GDP). Marine condition is likely to impact the future economic and community benefits provided by this unique ecosystem. But more importantly, the methodology in the report leaves out the most important non-market value that the reef provides, which are called ecosystem services. After all, if the Precautionary Principle is ever going to be used when assessing Ecologically Sustainable Development, in contrast with cost-benefit analysis and valuations, it is surely for our main environmental icon. Again, this is commonly used in environmental economics to value national parks and the recreational value of local lakes. Its purpose is to gauge the Great Barrier Reef’s value to Australians and understand how the international community values it. The Foundation is a registered Environmental Organisation in Australia and is eligible to receive tax deductible donations. The report also uses the travel-cost method, which estimates willingness to pay for the Great Barrier Reef, based on the time and money that people spend to visit it. Great Barrier Reef (Qld.)--Management. Western Sydney University apporte un financement en tant que membre adhérent de The Conversation AU. Great Barrier Reef Marine Park Authority, PO Box 1379, Townsville, Qld 4810. Yet this figure grossly underestimates the value of the reef, as it mainly focuses on tourism and the reef’s role as an Australian icon. The Great Barrier Reef is worth $56 billion. For example, coral reefs provide storm protection and erosion protection, and they are the nurseries for 25% of all marine animals which themselves have commercial and existence value. Respondents may act strategically if they think they really will be slugged with a Great Barrier Reef levy. Assigning a value to the reef might still be appropriate under the Precautionary Principle, to estimate the maximum loss. But as the reef is both priceless and irreplaceable, this is the wrong approach. Ecosystem services in the Great Barrier Reef Economics of Ecosystems and Biodiversity (TEEB) report6 analyzed 80 coral reef valuation studies, and Brander et al.7 collected information on 166 differ- ent coral reef valuation studies, using a subset of 52 of those studies to conduct a meta-analysis. In a world first, this new Deloitte Access Economics report, for the Great Barrier Reef Foundation (with support from National Australia Bank and the Great Barrier Reef Marine Park Authority) calculates the total economic, social and icon asset value of the Reef. The problem being addressed • Public funding is being allocated to protect the GBR – And there are substantial calls for more ... Assessing total economic value for protecting the Great Barrier Reef. Our research has shown the Great Barrier Reef contributed $6.4 billion in value added and over 64,000 jobs to the Australian economy in 2015–16 (direct and indirect). Deloitte Access Economics has valued the Great Barrier Reef at A$56 billion, with an economic contribution of A$6.4 billion per year. Deloitte Access Economics has valued the Great Barrier Reef at A$56 billion, with an economic contribution of A$6.4 billion per year. Yet this figure grossly underestimates the value of the reef, as it mainly focuses on tourism and the reef's role as an Australian icon. When environmental assets are irreplaceable and their loss irreversible, a more appropriate decision-making framework is the Precautionary Principle. It’s even more than 4 times the length of the Great Wall of China in $100 notes. Deloitte Access Economics were engaged by the Great Barrier Reef Marine Park (GBRMPA) in 2013 to undertake an analysis of the annual economic contribution of the Great Barrier Reef. Yet this figure grossly underestimates the value of the reef, as it mainly focuses on tourism and the reef… The Great Barrier Reef cannot. Deloitte Access Economics has valued the Great Barrier Reef at A$56 billion, with an economic contribution of A$6.4 billion per year. https://www.diveplanit.com/marine-environment/value-of-great-barrier-reef Écrivez un article et rejoignez une communauté de plus de 122 600 universitaires et chercheurs de 3 932 institutions. ISBN 1 876945 51 6 (Online). For example, if it is even remotely possible that the extension to the Abbot Point coal terminal could lead to massive destruction of the reef, then precaution suggests that it shouldn’t go ahead. But putting a price on the Great Barrier Reef hides the fact that it is irreplaceable, and as such its value is not commensurate with the values of other assets. $56 billion – that’s the total value of the Great Barrier Reef as calculated by the Deloitte Access Economics report published today; a value calculated by assessing its economic, social and iconic brand values together. 1901), L’expertise universitaire, l’exigence journalistique, Environment Protection and Biodiversity Conservation Act 1999. The Great Barrier Reef is worth A$56bn (£33bn; $42bn) and is critical to supporting economic activity in Australia, according to a new report. Deloitte Access Economics calculated the … When you include aspects of the reef that the report excludes, such as the ecosystem services provided by coral reefs, you find that the reef is priceless. The Great Barrier Reef (GBR) provides economic and community benefits in the form of tourism, employment, cultural services (tourism and participation in cultural activities) and provisioning services (aquaculture, fish, etc.). Instead, the precautionary principle should be used to make decisions regarding the reef. More than the jobs it supports and the value it adds to the economy each year, the Great Barrier Reef is valued at $56 billion as an Australian economic, social and iconic asset. This was found to be A$67.60 per person per year. Great Barrier Reef (Qld.)--Management. Coral reefs are deteriorating worldwide prompting reef managers and stakeholders to increasingly explore new management tools. Bibliography. In our research, the Great Barrier Reef left other Australian land-based natural assets far behind in terms of visitor preference, reputation and experience. For example, the environmental cost of the extension to the Abbot Point coal terminal can be compared to any economic benefits. Neil Perry ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d'une organisation qui pourrait tirer profit de cet article, et n'a déclaré aucune autre affiliation que son organisme de recherche. This report assesses the economic, social, icon and brand value of the Great Barrier Reef. Great Barrier Reef Marine Park Authority. Stoeckl et al. The Great Barrier Reef is the world’s largest coral reef system supporting a wide diversity of life. Yet this figure grossly underestimates the value of the reef, as it mainly … 1. It is a World Heritage Site, named one of the seven natural wonders of the underwater world and contributes $6.5 billion a year to the Queensland economy. The annual employment supported by the Great Barrier Reef is more than most of Australia’s major banks, and many corporates including the likes of Qantas and Deloitte Australia. Some reasons are more concrete such as their belief in its importance for tourism, while some are more abstract such as their belief that Australia would just not be ‘the same’ without it. It is as big in size as Japan, and bigger than the United Kingdom, Switzerland and the Netherlands put together. Great Barrier Reef Marine Park Authority, PO Box 1379, Townsville, Qld 4810. The National Library of Australia Cataloguing-in-Publication data: Measuring the Economic and Financial Value of The Great Barrier Reef. Economic Contribution of the Great Barrier Reef by Deloitte Access Economics - 2013, Valuing the effects of Great Barrier Reef bleaching by Oxford Economics - 2009. But while they are both icons, the Opera House can be rebuilt. Ecosystem services in the Great Barrier Reef Economics of Ecosystems and Biodiversity (TEEB) report6 analyzed 80 coral reef valuation studies, and Brander et al.7 collected information on 166 differ- ent coral reef valuation studies, using a subset of 52 of those studies to conduct a meta-analysis. Below are a few key points about the economic value of coral reefs: It is estimated that coral reefs provide $375 billion per year around the world in goods and services. This allows a cost-benefit analysis to be performed. For instance, using Deloitte’s figure, The Australian newspaper compared the reef to the value of 12 Sydney Opera Houses. The report estimates the Great Barrier Reef’s: The first way of valuing the Reef is through its annual contribution to the Australian economy in terms of value added (Gross Domestic Product) and employment. What makes it worth $56 billion? The reef is a very popular destination for tourists, especially in the Whitsunday Islands and Cairns regions. And the number is $56 billion. 1. Deloitte Access Economics has valued the Great Barrier Reef at A$56 billion, with an economic contribution of A$6.4 billion per year. A total economic value framework for the Great Barrier Reef John Rolfe . Australians want their children and future generations to be able to visit the Great Barrier Reef and enjoy it. While the Precautionary Principle has been much maligned due to its perceived bias against development, it is a key element of the definition of Ecologically Sustainable Development in Australia’s Environment Protection and Biodiversity Conservation Act 1999. As Australians, we should be proud that it's our responsibility to look after it. The Great Barrier Reef Marine Park covers 35 million hectares with 2,900 individual reefs of varying sizes. Any loss is irreversible. The Great Barrier Reef has a economic, social and icon asset value of $56 billion. This is the sum of: Value to local recreational users and tourists from elsewhere in Australia: A$32… That's more than 12 Sydney Opera Houses, or the cost of building Australia's new submarines. Credit: Wikipedia Deloitte Access Economics has valued the Great Barrier Reef at A$56 billion, with an economic contribution of A$6.4 billion per …
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