“Port Douglas, Cairns and the Whitsundays are examples of some of the regional tourism hotspots that will enjoy the major boost thanks to expanded superyacht tourism,” Mr McCormack said.

“The 2020 Tokyo Olympics and the America’s Cup in Auckland will bring a number of these vessels to the Pacific over the next 18 months and this enables Australia to get on board and ride that wave,” he said.

Mr Entsch said this was a no-brainer really. “We have always had a super yacht industry in our region, now we are going to have a superyacht industry on steroids.

“These changes will vastly expand our ability to share in tourism benefits that our pacific neighbours such as Fiji and New Zealand have been enjoying for some time.

“This unlocks a number of exciting trade and tourism opportunities right along the Far North Queensland coast,” he said.

He said there are around 5,000 superyacht vessels around the world and now we can take advantage of this thriving industry, bringing passengers from all over the world to sail in our waters.

Superyacht Australia CEO David Good also welcomed the news.

“We commend the Morrison Government for recognising that now is the critical time to act. The high value visitors this will bring to regional Australia is significant.

“Tourism Australia has been working with Superyacht Australia to ensure our country’s signature experiences are well marketed to these potential charter clients.

“The 11,800 jobs this will create mostly in regional areas is something the government should be proud of.