- Marine environments and ocean industries support 462,000 jobs in Australia and contribute $150 billion annually to the Australian economy.
- AMCS and BC say a minimum annual investment of $340 million will significantly improve the situation of Australia’s threatened marine species.
- Nature conservation in Australia is chronically underfunded with only one-thousandth of the federal budget currently allocated to nature protection and recovery actions.
The Australian Marine Conservation Society (AMCS) and the Biodiversity Council (BC) have launched ‘The cost of preventing marine extinctions’ report, which outlines the urgent need for an annual investment of a minimum $340 million to safeguard threatened marine species.
Australia’s ocean industries currently generate $150 billion each year, with marine environments directly contributing $25 billion to the economy – these ecosystems support key sectors such as fisheries, tourism, and coastal protection and collectively sustain 462,000 jobs nationwide.
Despite their immense ecological and economic value, marine ecosystems are facing escalating threats due to insufficient conservation funding and increasing environmental pressures.
95 marine species – including Australian sea lions, sea turtles, and whale sharks are listed as threatened with extinction under Australian law. Without targeted investment, these species may vanish, leading to severe ecological imbalances and economic repercussions for industries that depend on healthy marine ecosystems.
According to the report, the Australian Government allocates just 0.1 per cent of its federal budget to conservation efforts, a fraction of what is needed to protect the nation’s unique marine life and habitats effectively. In contrast, 4 per cent of the federal budget is spent on subsidies that potentially harm the environment, exacerbating biodiversity loss and marine degradation.
Biodiversity Council Lead Councillor Professor Brendan Wintle from the University of Melbourne, says, “Successive governments have committed to preventing extinctions, yet we continue to see marine species declining. Healthy marine ecosystems provide critical benefits, including food security, coastal protection, and carbon storage but current government funding is falling short of what’s required to protect endangered species and sustain these ecosystems.
“We’ve seen the US Endangered Species Act (ESA) successfully recover over 100 species through mandatory recovery funding and transparent public reporting – adopting similar policies in Australia could significantly improve conservation outcomes and prevent further marine species extinctions.”
Key findings from the report:
- Marine environments and ocean industries support 462,000 jobs and contribute $150 billion to the economy annually.
- 95 marine species are currently listed as threatened with extinction.
- The federal government spends only 0.1 per cent of its budget on conservation efforts.
- The report calls for increasing investment in nature to 1 per cent of the federal budget, with $340 million annually dedicated to marine species protection and recovery.
Reallocating a portion of environmentally harmful subsidies – without increasing overall government spending – offers a cost-neutral way to fund conservation. Aligning policies with Australia’s global biodiversity commitments, such as phasing out harmful subsidies and boosting funding for threatened species recovery, would help reverse biodiversity loss while supporting long-term environmental and economic stability.
Alexia Wellbelove, Threatened Species Campaign Manager, Australian Marine Conservation Society, says, “The cost of reversing these declines has never been properly quantified until now. Healthy marine environments underpin $150 billion in ocean industries and support hundreds of thousands of jobs.
“This report provides a clear financial blueprint, showing that an annual investment of $340 million is the minimum required to give our threatened marine species a fighting chance.”
With biodiversity loss accelerating and the economic importance of marine ecosystems clear, ‘The cost of preventing marine extinctions’ report presents a compelling case for urgent investment in marine conservation. Without immediate action, Australia risks losing iconic marine species and the economic benefits they provide for future generations.