March 13, 2023

Queensland state, Australia announces US$4.97 million investment into its aquaculture sector

Mark Furner, the Agricultural Industry Development and Fisheries Minister for Queensland state, Australia, has announced an AUD 7.5 million (~US$4.97 million; AUD 1 = US$0.66) investment into the state's aquaculture industry, the Queensland Government reported.

The funding will include AUD 3.8 million (~US$2.5 million) for research, development, and extension efforts, AUD 1.5 million (~US$994,000) for industry growth, a AUD 1.1 million (~US$729,000) programme to enhance regulation and technical guidance, and AUD 1 million (~US$662,000) to establish an aquaculture incubator.

The number of full-time equivalent aquaculture jobs in the state's Townsville region increased dramatically from 109 in 2020–21 to 218 in 2021–22.

The Queensland aquaculture revolution that the state government oversaw has increased the industry's value by more than AUD 100 million (~US$66.2 million) over the three years starting in 2018/19.

From the previous record of AUD 193.5 million (~US$128 million) in 2020–21, the industry has increased to a record value of AUD 224.7 million (~US$148 million) in 2021–22.

The full-time equivalent of 889 Queenslanders were employed in aquaculture in 2021–22, an increase from 786 people the previous fiscal year.

-      Queensland Government