BIG BUCKS: Cash to fund coral spawning for commercial market
Funding has been awarded to a Bundaberg business allowing it to expand its already global market and investigate spawning coral in the Great Barrier Reef.
Monsoon Aquatics will receive $304,058 in grants after the business based at the Port of Bundaberg was successful in its application.
Founding director of Monsoon Aquatics Daniel Kimberley said the grant will fund a significant expansion at the site in Burnett Heads, which exports about 80% of the live coral it sells.
"This grant will enable us to look at spawning three key species of coral for our aquaria market and then use that information and technology to restore the reef in the future," Mr Kimberley said.
"We want to set the standard for aquaculture research, and this will be a sustainable approach, rather than wholly relying on wild harvested coral species."
The business expanded to Bundaberg and Cairns in 2017 after it was first established in Darwin in 2008.
"This grant will help Monsoon Aquatics investigate spawning coral commercially and using that technology in the future to help restore the Great Barrier Reef," Federal Member for Hinkler Keith Pitt said.
"It's fantastic to see this type of innovation being developed right here in Bundaberg, which will see more local jobs and a boost to the local economy."
The funding was awarded to Monsoon Aquatics through the Accelerating Commercialisation initiative as part of the Australian Government's Entrepreneurs' Programme.
Since it launched in 2014 the initiative has awarded 519 grants and $251 million to businesses throughout Australia, allowing organisations to upscale, cater to the global market and create job opportunities.
For more information, click here.