The value of Australian aquatic ecosystem services

• Australian valuation of aquatic ecosystems focused mainly on provisioning and cultural services. • Valuation of Australian aquatic ecosystems is mostly limited to New South Wales and Victoria. • Erosion protection is the highest valued Australian service, exceeding global median values. • Gaps in Australian research exist in traditional services, such as raw materials. • Economic valuation studies on Australian shellfish reefs remain limited. Aquatic ecosystems provide valuable ecosystem services to human wellbeing. Nonetheless, anthropogenic pressures cause significant impacts on their environment and biodiversity. Assigning economic value to these services increases awareness for ecosystem protection, informing policies and planning. Currently, there is no comprehensive review of the economic valuation of Australia’s aquatic ecosystems, despite it having the world’s third largest marine area. This study provides a review of the economic value of ecosystem services in seven aquatic ecosystems in Australia, namely: mangroves, saltmarsh, seagrass, kelp, shellfish reef, freshwater wetlands and open waterways. Over 90% of the economic value estimates in Australia were conducted for kelp, mangroves, saltmarsh and seagrass, whereas limited information was identified for shellfish reef habitats. Available research is concentrated in New South Wales and Victoria, with limited research in Western Australia and the Northern Territory. Provisioning and cultural services represented over 70% of researched ecosystem services in Australia, while habitat and biodiversity services were rarely identified. Typical provisioning and cultural services identified globally, such as raw materials or bequest values were not identified in the Australian literature. Australian economic values were typically below the global 50th percentile for provisioning, cultural and climate regulation services. In contrast, the use of aquatic ecosystems for storm and erosion protection are often one of the highest economic valuations worldwide with a median Australian value over $400,000/ha/year for mangrove, saltmarsh and seagrass habitats. Overall, the compiled results highlight a potential undervaluation of aquatic ecosystem services in Australia and important research gaps for further investigation.