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NEWS
Queensland marinas slugged
QLD marinas pay disproportionally high taxes and lease chargesOf the 356 marinas across all Australian States, those in Queensland have the most negative financial outlook, according to research released by the Marina Industries Association of Australia (MIAA).
The 2011 Health of the Australian Marina Industry Survey report indicates that Queensland marinas had more tenants operating (939) than any other state. They generated 26 per cent of Australian marinas total gross revenues in 2010/11.
However, Queensland marinas paid 30 per cent of the total taxes and lease charges.
Only 40 per cent of Queensland marinas expected to grow gross revenue this financial year, while nationally the average was 49 per cent. Nationally, 43 per cent of marinas expect gross revenues will stay the same this financial year.
Mike Harvey (pictured), MIAA board member and Manager of Runaway Bay Marina on the Gold Coast, said the report provides the evidence that industry has been saying for years.
“Queensland marinas are paying excessive taxes and lease payments. This is strangling marina investment in a state that has a natural competitive advantage in recreational boating,” Harvey said.
The report indicates that the ratio of Australian marina’s capital expenditures to gross revenue was on average 46 per cent. Across the states the ratios varied greatly from 85 per cent in Western Australia, 64 per cent in Victoria to just 10 per cent in Queensland.
The Chairman of Marine Queensland’s Marina Division, Mark Robertson, said lack of capital expenditure by local marinas was a reflection of the lack of government action to remove the barriers that are holding back investment.
“The challenge for the new state government is to quickly create a positive sustainable investment environment. For example, mandating marina lease arrangements that provide a long-term incentive for investment by marina operators and financiers is urgently needed in the state,” Robertson said.
Marine Queensland is seeking to open urgent discussions with the relevant new ministers and department heads to progress this matter.
The Recreational Marine Research Center (RMRC) at Michigan State University conducted the survey for the MIAA. Copies of the 92-page report are available from the MIAA at $169. A three-page highlights report is available on the MIAA website at www.marinas.net.au
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Written byBoatsales Staff
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