Conservation groups today welcomed the release of a compelling new study of Australia's ocean resources. The report finds that establishing a network of marine sanctuaries would help to secure and boost the economic, environmental and social benefits that Australians receive.
Released today by the Centre for Policy Development (CDP), the report: "Stocking Up: Securing Our Marine Economy" identified that Australia's marine life, fish stocks and ecosystems are worth $69 billion per year to the national economy.
However, CPD's analysis found that official accounts currently recognise only $44 billion in value and overlook $25 billion per year in critical 'ecosystem services', which include carbon storage, seafood, recreation and tourism.CPD's study also focused on Australia's South West waters, revealing that the region's ecosystem services currently contribute at least $2.9 billion per year and would increase if measures to safeguard the region improved. Later this year, the federal government is due to make a decision on establishing new marine sanctuaries in the South West.