NEW REPORT | Stocking Up: Securing Our Marine Economy

Introducing CPD’s first major Sustainable Economy Report

Our oceans are often out of sight, but that doesn’t mean they should be out of mind. Australia is surrounded by a vast wealth of oceans. We have the world’s third largest marine estate. We have the highest marine biodiversity in the world. Our marine economy supports thousands of regional jobs through commercial fishing, marine tourism and recreational fishing. Yet official accounts record only a fraction of the real, long-term value of our oceans.

DOWNLOAD the full report here.

In a ground-breaking new report, CPD’s Sustainable Economy program reveals a shortfall in our official accounts of $25 billion per year. Our oceans contribute at least this much to the national economy in ecosystem services – such as carbon storage, fish nursery services and recreational fishing – free of charge.

 Stocking Up: Securing Our Marine Economy is the first in a series of reports that will look at how different sectors of Australia’s economy can benefit from policies to preserve the environment and resources that sustain them.

KEY FINDINGS

In a national first, Stocking Up assesses the economic value of Australia’s oceans and finds:

• Our oceans provide an unrecognised $25 billion in value every year to our national economy – billions of dollars that are currently unaccounted for in official statistics.  
• The value of sustainably managed Australian fisheries could increase by 42% over 20 years if global fish stocks collapse.

Stocking Up fills a gap between the scientific knowledge of our oceans and the poor understanding of the economic and social value they provide, showing how we can secure marine jobs today and in the future by maintaining the value of the assets that these jobs rely on.

The report measures essential ecosystems services provided ‘free of charge’ by our oceans, such as:

• $15.8 billion a year in carbon storage. Seagrasses store 10 to 40 times as much carbon per hectare as forests. Australia’s seagrass meadows are the largest in the world.
• $6.2 billion a year in fish nursery services, pest and disease control. These services are crucial for our commercial fishing industry.
• $1.85 billion per year in fish and recreation enjoyed by the 1 in 5 Australians who go fishing at least once a year

REPORT RECOMMENDATIONS

Stocking Up recommends five simple measures to secure our marine resources for all Australians; support long-term jobs in commercial fishing and marine tourism; and provide better catches for recreational fishers:

• Protect the assets that underpin our marine estate – We must treat our marine estate as a portfolio of valuable ecological assets. We need to balance our investment portfolio across a well-managed commercial fishing estate; marine protected areas and highly protected areas.
• Rebuild fish stocks – We need to take better care of fish stocks to reduce the risk of collapse. While management measures for our Commonwealth fisheries provide a strong foundation for reducing over-fishing, 42 per cent of our fisheries remain in an over-fished or unknown state.
• Ensure all commercial fisheries are sustainably managed - We need to adjust economic incentives to avoid poverty traps for commercial fishers and loss of resources for tourism and recreation. Around half of Commonwealth fisheries are currently struggling to cope with economic pressure from rising fuel prices, a high Australian dollar and increased competition.
• Establish baseline data for recreational catch and biomass in undisturbed ecosystems - We need better information to avoid sudden collapse of ecosystems. While our knowledge of many commercial fisheries has improved, we don’t have enough information on recreational catch and on how marine ecosystems function to manage multiple pressures well.
• Support local communities through marketing and business innovation – We need innovations in marketing and business models to help local economies find opportunities from changing market demand and resource availability

As global fish stocks decline and the risk of ecosystem collapse grows worldwide, Australia can still take action to secure the third largest and most diverse marine estate in the world. This would support long-term jobs for commercial fishers, secure marine resources for tourism development, and provide better catches for recreational fishers.

In Stocking Up we’ve brought common-sense thinking to the question of how we can develop a thriving marine economy over the long term. It’s not a trivial question.

As the world heads into challenging times, Australia must make smart and informed decisions about how to navigate the waters ahead. These decisions need to be driven by the value of our oceans and the people who rely on them, not by politics.

MEDIA: Stocking Up in the news

Andrew Darby | Marine survey uncovers a deep sea treasure trove
The Sydney Morning Herald
“Building on UN Environment Program biodiversity assessments, the CPD counted up the worth of nature hidden beneath the sea’s surface. The greatest single value lay in the ocean’s use as a carbon sink. Using the Gillard government’s proposed $23 per tonne carbon price, the centre estimated Australia’s marine domain to be worth $15.8 billion.”

ABC News | South West marine assets valued in the billions
ABC News reports on CPD’s research paper Stocking Up: Securing Our Marine Economy.
Looking beyond commercial fishing and oil and gas exploration to assess the value of industries such as recreational fishing and the ocean’s ability to store carbon, CPD’s report show how critical sustainable management of the marine ecosystems is to Australia’s economic and environmental bottom-line.

Call for more marine parks | NineMSN
“…extending a proposed marine protection area to cover coastal shelf, sea grass and coral reefs could protect a further $1.1 billion in economic benefits”

Protection vital to securing marine wealth
Australian Financial Review
“..we’ve stepped up to the challenge of managing one important marine resource – our fish stocks – better than most countries in the world. However, given that 63 per cent of the world’s stocks are overfished, that’s a bit like saying our economy is in a better state than that of Greece – true, but not very reassuring… 42 of Australia’s fish stocks are still either overfished or of unknown status – not a robust position to be in when increasing ocean temperatures and acidity are threatening to push marine ecosystems over the edge worldwide.”

Tim Marshall | Australia’s oceans need to be promoted in economic terms
Following the release of CPD’s research paper, Stocking Up: Securing our Marine Economy, Sustainable Economy Research Director Laura Eadie was interviewed by ABC Rural host Tim Marshall.
The worth of Australia’s ocean resources, is grossly undervalued. Officially, they’re worth $44 billion. Healthy marine ecosystem services yield an added benefit of $25 billion. Australia’s ecological infrastructure, with the highest marine biodiversity in the world, is ”too often out of sight, and out of mind”.

Laura Eadie | ABC Local Radio Newcastle
CPD researcher Laura Eadie appeared on ABC 1233 Newcastle Local Radio this morning – interviewed by Jill Emberson –  talking about Australia’s future sustainable economy and the increasing recognition of climate change in Australian coastal planning within public policy.

MEDIA INQUIRIES

For media inquires you can contact our Communications Director, Antoinette Abboud (Antoinette.Abboud(at)cpd.org.au or 0414 920 801).

You can download a media release here.

Change can happen faster than you think – help us seize the moment and point to the alternatives. Add your voice to ours!