The Northern Territory’s crocodile farming industry is worth more than $100million to the Top End’s economy, an independent report shows.
The overall value of the industry in 2014-15 to the tourism, farming and veterinary sectors was $107million, generating 264 full-time jobs, an Ernst and Young report found.
‘‘We know that our beloved crocodiles are a massive tourism magnet to the territory, but now we also know just how much the farming industry plays in terms of their economic impact and potential,’’ NT Chief Minister Michael Gunner said on Thursday.
Crocodile farming was previously valued four times lower in previous estimates.
Mr Gunner said it was critical the industry was valued correctly.
‘‘This helps us in mounting our case to the Federal Government for support for the industry in how we export,’’ he said.
Mr Gunner said crocodile farming was particularly important to remote indigenous communities.
‘‘Saltwater crocodiles have enormous economic potential in terms of income, employment, technology innovation and economic development in remote Aboriginal communities.’’
Crocodile skins are highly sought as high-end fashion products, fetching thousands of dollars when made into bags and other items.
Australia accounts for 60 per cent of the global trade in saltwater crocodile skins, with about two-thirds of that coming from the NT, according to a 2015 report by the NT’s Crocodile Farmers Association.