The passing of the Special Recreational Vessels Bill will represent a billion dollar boost to the Australian economy…

SuperyachtNews

The Australian Government has announced that it will introduce the Special Recreational Vessels Bill 2019, allowing foreign-owned and flagged superyachts to charter in Australian waters. It is hoped that the passing of this bill will unlock an estimated 11,800 jobs and $1.64 billion to the Australian economy.

Under the previous structure, foreign-flagged vessels were only able to operate commercially in Australia if the vessel was fully imported, thus incurring a staggeringly high cost that was nigh on impossible to justify based on the returns from charters alone.

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