At what cost? Safeguarding the Great Barrier Reef’s role in Australia's economy

A new Deloitte Access Economics report reveals that Australia’s Great Barrier Reef (GBR) is not only an environmental treasure but also an economic powerhouse now valued at $95 billion in total. This represents a sharp increase from an estimated $56 billion in 2017. The GBR contributes about $9 billion annually to the economy and supports 77,000 jobs in industries like tourism, fishing, and research. Beyond dollars, it holds deep cultural and spiritual importance, especially for Indigenous Traditional Owners. However, the report – titled “At What Cost? Safeguarding the GBR’s Role in Australia’s Economy” – warns that climate change is the single greatest threat to the reef’s future, driving mass bleaching, severe weather, and species loss. If reef health continues to decline, Australia could see fewer visitors, job losses, and a hit to its national identity. On the upside, the analysis finds that meeting global climate targets (keeping warming well below 2°C) and scaling up reef restoration and adaptation could unlock an additional $110 billion in economic value over the next 50 years (rising to $124 billion with ambitious restoration efforts). An overwhelming 98% of Australians polled view losing the Reef as an unthinkable national loss, underlining public support for urgent action. The report’s message is clear: protecting the GBR isn’t just an environmental imperative – it’s an economic and moral one, and the next decade is critical to invest in solutions at the scale needed .