The Government of Australia has introduced a new bill in the parliament that will enable the foreign-owned superyacht owners to charter their vessels in Australia.

The Special Recreational Vessels Bill 2019 is expected to create approximately 11,800 new jobs.

The bill is expected to generate approximately A$1.64bn in revenue to the Australian economy by 2021.

The charter ships represent more than half of the superyacht fleet across the world.

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Over 5,000 superyachts operate in the world and the number will continue to grow as 150 new yachts are built every year.

In the past, the Australian laws did not allow foreign-owned superyacht to operate commercially in the country unless they fully imported the vessel. This deterred foreign superyacht owners from entering the Australian waters.

Superyacht Australia CEO David Good welcomed the bill in the parliament.

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Good said: “Now is the critical time to act. We commend the Deputy Prime Minister Hon Michael McCormack for introducing this bill today. Huge events in the Pacific over the next 18 months will mean large numbers of superyachts will be in our region.

“The Tokyo Olympics in July 2020 and the Americas Cup in Auckland 2021 are expected to bring around 160 superyachts to our region, which is on the radar for superyacht owners for the marvellous cruising grounds and world-class service facilities Australia offers.”

More than 25% of the world’s captains and crew members hail from Australia. The bill will support more than 14,000 crew members.

The legislation will benefit local traders and small businesses engaged in maintenance, servicing and repairing of the vessels.

Good added: “These changes will also benefit the local superyacht charter market.”

“Regions that have a high level of charter activity receive increased international marketing exposure, which then encourages further investment in locally based vessels, infrastructure and repair facilities.”

Once the bill is enacted into law, Australia will be able to compete with superyacht economies such as Fiji, New Zealand and Tahiti.