Great Barrier Reef
Aquarium Transformation
The Great Barrier Reef Aquarium, located in Townsville, was constructed in 1987 and contains the world’s largest living coral reef exhibit. It is owned and operated by of the Great Barrier Reef Marine Park Authority (Reef Authority), an agency of the Commonwealth Government and in addition to being a tourist attraction, it is the National Reef Education Centre for the Great Barrier Reef.
The Great Barrier Reef
Marine Park Authority
Direct Client: Turner & Townsend
End Client: GBRMPA
Services Primary : Economics & Financial Analysis
Services Secondary: Strategic Advice
Sector: Tourism & Recreation
Background
In February 2021, the Aquarium closed to allow for the transformation of the 35+ year old facility into a global destination of excellence in tropical reef education. Though the project initially commenced as a refurbishment to modernise the Aquarium’s exhibits and amenities, the original plans were deemed unviable following partial demolition of the existing structure and further investigative works.
The project evolved into a revised plan to redevelop and modernise the Aquarium, which required a detailed economic and financial analysis as part of a detailed business case (DBC) to seek additional Government approvals.
Aalto’s Role
Turner & Townsend led the aquarium Transformation Project and engaged Aalto as a sub-consultant to undertake the financial and economic assessment to support the business case process. Aalto worked alongside a range of specialists to develop the assessment which involved preparation of a detailed financial cashflow model, including capital, whole of life maintenance, staffing and other operational costs as well as revenues generated from ticket sales, venue hire and food & beverage. The scope included quantification of a range of socio-economic benefits such as educating visitors about the Great Barrier Reef, promoting marine conservation and induced tourism demand to the region.
To supplement the Financial and Economic Assessment, Aalto also developed an Economic Impact Assessment (EIA) to demonstrate the socioeconomic impacts of the project. The EIA demonstrated the tourism, visitation and economic activity induced across the Townsville region by the transformation of the Aquarium.
Outcomes and Insights
The analysis highlighted how targeted investment in a nationally significant facility would deliver ongoing socio-economic benefits and a pathway to financial sustainability.
The business case was submitted to the Department of Finance and is currently being considered for funding.