The importance of the environment and its contribution to our economic and social wellbeing is often overlooked.
In part that's because it is not fully reflected in traditional accounting methods.
Environmental economic accounts help show how the environment is connected to the economy, improving decision making and planning.
We've worked with the Australian Bureau of Statistics, and CSIRO, to develop Australia's 2nd national ecosystem account. This provides a clearer picture of:
- how our environment is tracking
- the vital role the environment plays in supporting the economy and wellbeing
- the value of nature and the impact of our choices on it.
The accounts put a dollar value on the carbon storage, fresh water, and marine fish that our environment provides to the national economy. We will use this information to:
- help shape future environmental policy
- inform the next State of the Environment report.
They tell us how ecosystem services underpin industries, regional livelihoods and our long-term prosperity.
In 2021−22, the environment:
- Stored 34.6 million kt or $59.5 billion worth of carbon in grasslands, native forests, savannas, and mangroves.
- Provided storm and tidal surge protection to 104 thousand dwellings and 207 thousand residents from a 1-in-100 year coastal inundation event.
- Provided $463.0 million or 161.7 thousand tonnes of fish from State and Commonwealth managed fisheries.
In 2022−23, the environment:
- Provided 120.2 million tonnes of natural feed for sheep and cattle.
- Contributed 10.8 million megalitres of surface water was provided for household use and use as a material at a value of $864 million.
These findings show that Australia's environment is more than something we see and enjoy. It actively supports:
- economic activity
- social wellbeing
- long-term productivity.
The accounts also improve our understanding of how ecosystems are changing over time. This helps decision makers see:
- where pressures are increasing
- where protection, restoration or careful management can deliver the greatest benefit.
The continued release of the accounts reflects our commitment to evidence based decision making.
Governments, industry, researchers and the community can now better understand how our environment is changing.
