Environmental groups in Australia are calling for a government commitment to invest at least three hundred and forty-million-dollars a year into efforts to prevent marine life extinctions, a fraction of the $150 billion that healthy ocean industries contribute to the local economy every year. 

Outlined in a new report – ‘The cost of preventing marine extinctions’ – the Australian Marine Conservation Society (AMCS) and the Biodiversity Council (BC) argue that the 4% of the federal budget currently spend on subsidies for practices that harm the ocean would be better redirected into those that benefit both the environment and the economy.

Australian marine environments directly contribute $25 billion to the local economy each year, supporting key sectors such as fisheries, tourism, and coastal protection while collectively sustaining 462,000 jobs nationwide.

Despite their ecological and economic value, ocean ecosystems are facing escalating threats due to insufficient conservation funding and increasing environmental pressures.

No fewer than 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% of its federal budget to conservation efforts – a fraction of what is needed to continue to protect the nation’s unique marine life and habitats effectively.

“Successive governments have committed to preventing extinctions, yet we continue to see marine species declining,” said Professor Brendan Wintle, biodiversity council lead councillor.

“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.”

He continued: “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.”

The report argues that simply by reallocating a portion of environmentally harmful subsidies – without increasing overall government spending – would offer 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 at the Australian Marine Conservation Society, said: “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.”

Without immediate action – argues the report – Australia risks losing both its iconic marine species and the economic benefits they provide for future generations.

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