What Is The True Value Of The Great Barrier Reef?

That is a tough question. The Reef is many things to many people and there are many ways to value the Reef.

But it is more than just another coral reef.

The Great Barrier Reef is in Australia’s cultural DNA. It is integral to the identity of Australia’s Traditional Owners. What’s more, its status as one the seven natural wonders of the world makes it an international asset. In many ways, it hardly seems necessary to quantify its value. The value of the Great Barrier Reef is priceless and we know that there is no replacement.

But just for fun, let’s do our best to identify its value and we will start by looking at some hard, cold cash figures on the Reef…the economic value of the Reef.

A few years ago, Deloitte Access Economics did some economic modelling on the Reef. This is what they found:

·         The Great Barrier Reef has an economic, social and icon asset value of $56 billion.

·         It supports 64,000 jobs

·         It contributes $6.4 billion annually to the Australian economy.

Wow, those are some impressive figures.

Let’s now look at the cultural and social value of the Reef.

·         Indigenous Significance: the Reef is a significant cultural site for Indigenous communities, with connections dating back over 60,000 years.

·         Recreational and Tourism: the Reef offers diverse recreational opportunities for visitors, including diving, snorkeling, sailing, and wildlife viewing.

·         International Recognition: the Reef is a globally recognized icon, attracting millions of visitors and contributing to Australia's international brand.

Let’s finish off by looking at its ecological and biodiversity value, no doubt the most important of all values. Without a healthy Reef, all other values suffer.

·         World Heritage Site: the Reef is a World Heritage site, recognized for its exceptional natural value.

·         Biodiversity Hotspot: the Reef is home to a vast array of marine life, including over 1,650 fish species, 1400 types of coral, over 3000 species of molluscs (shell), six of the world’s seven species of sea turtles, 133 species of sharks and rays…need I go on.

·         Ecosystem Services: the Reef provides crucial ecosystem services including; provide the spawning and nursery grounds that economically important fish populations need to thrive, help to protect coastal communities from storm surges and erosion from waves, both of which are likely to increase in the face of sea-level rise, coral reefs are also the Earth’s “medicine cabinet” as many medicines have been derived from coral reef organisms.

At the end of the day, I am sure that there is one thing we can all agree on; the value of the Great Barrier Reef is priceless and we know that there is no replacement.

Contributed with thanks to Whitsunday Conservation Council.

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The Great Barrier Reef. Photo supplied.

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