The economic and social impact

of Sydney Fish Market

2016
 Limitation of our work
General use restriction
This report is prepared solely for the use of Sydney Fish Market Pty Ltd.
This report is not intended to and should not be used or relied upon by anyone
else and we accept no duty of care to any other person or entity. The report has
been prepared for the purpose of informing ongoing redevelopment processes and
key stakeholders on the impact of Sydney Fish Market from an economic and social
perspective to Australian residents and visitors. You should not refer to or use our
name or the advice for any other purpose.

2
Contents

Executive summary 4

Glossary 9

1. Introduction 10
1.1 Sydney Fish Market 12
1.2 Purpose and scope 12

2. What are the economic and social impacts of SFM? 14

2.1 SFM’s role in the NSW fishing industry 16
2.2 Economic contribution study 17
2.3 Wider economic and social impacts framework 20
2.4 Data collection 22
2.5 Key assumptions 22

3. Tourism 24
3.1 Understanding the impact 26
3.2 Quantifying the tourism impact 26

4. Consumer choice benefits 30

4.1 Understanding the impact 32
4.2 Quantifying the impact 33

5. Benefits of colocation 36
5.1 Colocation benefits for consumers 38
5.2 Colocation benefits for industry 41

6. Existence value 44
6.1 Understanding the impact 46
6.2 Quantifying SFM’s existence value 46

7. Education 48

8. The economic and social contribution of brand 52

8.1 Overview of brand 54
8.2 Consideration of brand strength and stature 55
8.3 Contribution of the SFM brand 56

References 58

The economic and social impact of Sydney Fish Market 3

Executive summary

Sydney Fish Market (SFM) is the largest of its kind in the
southern hemisphere – an icon of Australia’s seafood
industry that incorporates both retail and wholesale
trading and a working fishing fleet. It attracts around
three million visits a year and is a major attraction
for tourism, including Sydneysiders, interstate and
international visitors. More than 500 fish and seafood
species are traded through the site and supply
thousands of fish shops and restaurants across Sydney.
SFM contributes to choice and variety for consumers
in Sydney and across NSW. A central market place that
brings together wholesalers and retailers, SFM provides
a unique market experience for customers and supports
increased productivity for the seafood industry. SFM
also acts as a strong industry advocate, and supports
education and training within the industry.
SFM has commissioned Deloitte Access Economics to
conduct an economic contribution study and analyse
its wider economic and social impact. We explore these
impacts through data provided by SFM, a dedicated
consumer survey, and consultations with wholesale
and retail tenants at SFM and the catching industry.
Framework for analysis
SFM is an integral part of the state and national
fishing industry and plays a pivotal role in bringing
together the catching industry, wholesalers and
retailers in a central market. However, its size as
measured by direct expenditure and employment
does not accurately reflect SFM’s real value and its
contribution to the NSW economy.
An economic contribution study considers the financial
and activity data of SFM. SFM’s economic contribution
is the sum of the direct and indirect economic activity
attributed to the operation of SFM. This represents its
‘footprint’ on the economy and is measured in
terms of:
• Value added, which is the contribution to gross
state product (GSP), and includes wages paid to
employees and the gross operating surplus
generated (including taxes)
• Employment, which is measured by full-time
equivalent (FTE) jobs.
These figures, while important, will not capture
important features of SFM – its contribution to tourism,
the value customers receive from choice and variety, and
a unique market experience, and the role of the market
in facilitating an efficient industry.
A measure of SFM’s wider economic and social
impact captures the benefits to SFM visitors as well
as those to the broader community (see Figure i).

4
Figure i: Elements of wider economic and social impacts
Tourism
Choice and variety
Wider economic
and social impacts
Consumer experience
Source: Deloitte Access Economics
Note: These elements are not all additive as they may double count some impacts.
SFM is an iconic harbourside destination and plays a
role in attracting domestic and international tourists to
the city. By drawing these tourists (and their spending),
SFM generates wider tourism benefits for the
state economy.
Academic research has found that businesses that
offer a greater variety of product can provide consumers
with more choice, and can make consumers better
off even if prices remain unchanged (Lancaster, 1990).
That is, consumers place a value on having greater
choice and this value may not be captured in the price
paid for a good or service. More than 500 species and
13,400 tonnes of seafood are traded through the SFM
wholesale market every year. Consumers have greater
choice and variety as they are able to access unique
and uncommon seafood species from thousands of local
fish shops and restaurants throughout Sydney and NSW.
Existence value
Industry productivity
Education
One of the most distinctive aspects of SFM is that
visitors are able to experience an authentic working
market at a central location. This unique experience
is not available anywhere else in Australia and has a
wider economic and social impact.
SFM facilitates large amounts of trade and brings
together the catching industry, wholesale and retail
activity in a central market place. SFM supports industry
to be more productive and efficient due to transport
savings, increased competition and cost savings from
sharing infrastructure and facilities. Without the
colocation of wholesale and retail tenants, it is likely
that there would be more frozen (as opposed to fresh
produce), and less variety of seafood across NSW.
The economic and social impact of Sydney Fish Market 5
 SFM plays an important role in facilitating a range of
educational opportunities for employees of wholesale
and retail tenants (through the Seafood Industry Training
Package). It also educates the wider community through
school and tertiary programs and the Sydney Seafood
School, which educates visitors on the safe preparation
and consumption of fish and seafood.
SFM is also a significant cultural icon – this is an
important intangible value too. People regularly place
a value on things they may not use or visit, such as
beaches or city landmarks. SFM’s existence value
reflects the value people place on the market, even
though they may not visit yet have the option to.
SFM has a brand that is well recognised by industry
and consumers. It is associated with fresh seafood
and a unique harbourside setting. The SFM brand is
a significant factor for wholesale and retail tenant
operations on-site. This report considers the contribution
of the SFM brand to retail spending at SFM, as well as
the authentic market experience and its existence value.
SFM also contributes to Sydney’s brand and reputation
of being one of the world’s great dining destinations;
known for its fresh food and wine, an outdoor and
urban lifestyle, and cultural experiences. SFM is an
integral part of this image by providing fresh produce,
a vibrant outdoor dining experience and harbour views.
Economic contribution
Over the 2014-15 year, SFM directly contributed $10
million value added and 56.5 full-time equivalent (FTE)
jobs to the NSW economy (SFM Annual Report, 2015).
Applying an input-output (IO) model, this expenditure
on finance, property operation expenses and wholesale
trade costs has flow-on impacts to the economy,
creating an indirect contribution of $11 million to
the state economy and 81 FTE jobs.
The total economic contribution of SFM is about
$21 million in value added to NSW GSP, and around
137 FTE jobs in 2014-15. This represents the ‘footprint’
of the SFM entity on the NSW economy.
6
SFM also facilitates wholesale trade worth $128
million (SFM 2015 Annual Report) as well as $195
million of on-site retail trade (SFM advice). The value
add of the facilitated trade cannot be precisely
estimated but it is clearly significant.
Wider economic and social impact
Measuring wider economic and social impacts is more
difficult than a direct and indirect economic contribution
study because less data is available and the techniques
for measuring benefits are less precise. Where data
permits, Deloitte Access Economics has quantified the
wider economic and social benefits. Deloitte Access
Economics developed a consumer survey to assist in
quantifying these benefits.
One of the more straightforward findings is the
tourism impact. Through additional tourist spending,
SFM is estimated to contribute $72 million in value
added and 775 FTE jobs per year to the NSW economy.
These benefits are statewide and are more than three
times the size of SFM’s total economic contribution.
More than 500 species of fish and seafood are traded
through SFM and are made available to thousands of
local fish shops and restaurants throughout Sydney
and NSW. Consumer benefits from choice and variety
of seafood are estimated to be worth the equivalent
of between $62 million and $87 million per year.
Locals and tourists enjoy visiting SFM for its fresh
seafood and market experience. Consumer benefits
from a unique market experience are estimated to be
worth the equivalent of between $109 million to
$153 million per year.
SFM has an existence value, which encompasses
the value of SFM to non-users in NSW for the option
to visit, of around $25 million per year.
In total, the wider economic and social impact of
SFM is estimated to be around $300 million per
year, which is derived from tourism, choice and variety
benefits; consumer benefits from a unique market
experience; and the existence value of SFM
(see Figure ii).
Figure ii: Wider economic and social impact of SFM

Wider economic and social impacts

$303m per year

Tourism Existence value

$72m per year $25m per year

Choice and variety Unique experience

$75m per year $131m per year

* Due to rounding, total value does not equal to sum of components

Source: Deloitte Access Economics

The economic and social impact of Sydney Fish Market 7

 The consumer benefits of choice and variety and
those from unique experience are conceptually
different and are considered to be additive. The benefits
of choice and variety reflect the benefits for consumers
across NSW who, as a result of SFM, are able to access
a wider variety of fish. In contrast, the benefits from
a unique experience are specific to visitors to SFM
who value seeing its authentic working market. There
potentially could be some overlap between the two
types of benefits in the case where a visitor is drawn
to SFM for the unique experience, and purchases a
rare species of fish on-site, which was traded wholesale
through SFM. This overlap is difficult to estimate and
likely to be small, but overall the magnitudes will
be additive.
Another important consideration is the industry
productivity benefits generated by SFM. These benefits
include transport savings, sharing of infrastructure/
facilities, and reduced overheads, and are estimated
be about $18 million per year. Without the colocation
of wholesale and retail tenants at SFM, it is likely that
there would be more frozen (as opposed to fresh
produce), and less variety of seafood. However, the
industry productivity benefits are likely to overlap with
other components already captured in our analysis
(i.e. tourism and consumer benefits). As such, they
have been excluded from the calculation of the total
economic and social impact of SFM to avoid
double counting.
SFM is a well-recognised brand in Sydney and is
closely linked to Australia’s brand proposition as a
unique holiday destination offering fresh food,
water and outdoor experiences.
8
The SFM brand is a significant factor for both the
wholesale and retail tenant operations on-site; however,
these businesses operate separately but in association
with SFM. As such, traditional methodologies of brand
valuation may not be appropriate. In this report, we
have undertaken a brand contribution study to more
appropriately reflect its significance.
The contribution of brand to on-site retail spending
is estimated to be around $32 million per year. Brand
could also be considered to contribute more broadly
to apply to the consumer benefits of a unique market
experience ($21 million per year), and to the existence
value of SFM ($4 million per year). Taken together, these
figures give an indication of the importance of brand in
understanding the value of the SFM. The estimate of the
economic and social contribution of the brand is greater
in magnitude to the estimate of the institution’s role in
lifting industry productivity and its direct and indirect
value add. Brand is an important part of
the overall SFM story.
The benefits of SFM outlined are not surprising.
The consumer survey conducted for this report found
very favourable perceptions of SFM. More than three
-quarters of visitors prefer SFM relative to other
places to buy fish in terms of quality and freshness,
and the enjoyable experience of visiting an authentic
market. Further, 83% of respondents agreed or strongly
agreed that SFM reflects the cultural diversity of Sydney
and 91% believed that SFM was accessible to people
of all walks of life.
Glossary

ABS Australian Bureau of Statistics

BAV Brand Asset Valuator

CGE Computable General Equilibrium

CV Compensating Variation

DAE Deloitte Access Economics

EBITDA Earnings before Interest, Taxes, Depreciation and Amortisation

FTE Full-Time Equivalent

FY Financial Year

GOS Gross Operating Surplus

GSP Gross State Product

IO Input-Output

SFM Sydney Fish Market

SITP Seafood Industry Training Package

SSS Sydney Seafood School

TRA Tourism Research Australia

The economic and social impact of Sydney Fish Market 9

 1 Introduction

SFM is the largest seafood market

in the southern hemisphere.

10
SFM in terms of variety is
the third largest in the world.

The economic and social impact of Sydney Fish Market 11

 1.1 Sydney Fish Market
Sydney Fish Market (SFM) is one of Sydney’s major
tourist destinations, attracting three million visits a
year from local, domestic and international visitors.
While there are many fish markets located in Australia
and internationally, SFM is the largest seafood market
in the southern hemisphere and, in terms of variety,
the third largest in the world. The uniqueness of SFM’s
offerings allows it to distinguish itself, including:
• Being a major drawcard for tourism, including
Sydneysiders, interstate and international visitors
1.2 Purpose and scope
SFM Pty Ltd has commissioned Deloitte Access
Economics to conduct an economic contribution study
and assess the economic and social impact of SFM.
This report assesses the economic and social impact
of SFM on a yearly basis.
The report is structured as follows:
• Chapter 2 frames SFM’s role in the NSW fishing
industry, assess its economic contribution, and
provides a framework to analyse its wider
economic and social impacts

• Offering more choice and variety to consumers • Chapter 3 provides the tourism impacts of SFM
across NSW, providing an authentic and unique for the NSW economy
market experience for visitors
• Chapter 4 explores the consumer choice benefits
• Combining both retail and wholesale trade allowing associated with choice and variety
for industry productivity benefits as well as being
• Chapter 5 discusses benefits of integrated wholesale
home to the state’s fishing industry
and retail precinct, including unique consumer
• Educational opportunities for employees, through experience of colocation and industry productivity
the Seafood Industry Training Package, school
• Chapter 6 explores the existence value of SFM
students and the wider community, including
Sydney Seafood School (SSS) and cooking classes. • Chapter 7 provides a qualitative assessment of the
education opportunities available through SFM for
SFM is considered an industry leader and is proactive employees, industry and wider community
in adopting new systems and grading methods to
• Chapter 8 discusses the contribution of SFM’s brand.
ensure quality and value for both wholesale and
retail customers, including its contribution to the
development of the National Live Mud Crab Grading
Scheme in 2012. SFM’s prices and quality standards
are referenced around Australia and are used as a
benchmark by suppliers, buyers, wholesale distributors
within the fish and seafood industry. This has allowed
for improvements in buyer confidence and higher price
averages realised for suppliers and their local market
(Calogeras et al, 2012).

12
The economic and social impact of Sydney Fish Market 13
 What are the economic
2 and social impacts of SFM?

SFM contributes
about

$21
million to the
state economy

14
SFM also facilitates wholesale trade

worth $128 million through

its auction and other wholesale trade
operations. It also supports the business
activity of wholesale and retail tenants,
with on-site retail spending estimated

to be $195 million

The economic and social impact of Sydney Fish Market 15

 SFM contributes to the NSW economy, both directly
and indirectly in terms of value added and employment.
An economic contribution study provides a benchmark
estimate of SFM’s total impact; it provides a dollar value
size of its commercial operation. However, SFM plays
a pivotal strategic role for the seafood industry and, as
such; the dollar value size of its commercial operation
is not an accurate representation of SFM’s real value
and total contribution to the NSW economy. Therefore,
the majority of impacts relating to SFM would not be
captured in an economic contribution study, but rather
be considered as wider economic and social impacts
for the NSW economy.
The quantification of SFM’s impacts begins with an
economic contribution study, which lays the foundations
of the analysis (section 2.2). Subsequently, the analysis
applies a wider economic framework to better reflect
SFM’s true impact, discussed further in section 2.3.
However, it is important to begin with framing SFM’s
role in the NSW fishing industry.
2.1 SFM’s role in the NSW fishing industry
The seafood market in Australia is large and comprises
many different industries, including primary fishing,
processing, aquaculture, wholesaling, and retailing.
The seafood wholesaling industry consists of
specialised wholesalers that sell a variety of fish and
other seafood products, including crustaceans and
molluscs, which are sold in a fresh, frozen or processed
state. It is highly fragmented and consists of 860
businesses, with the majority of operators employing
fewer than 20 people. It contributes more than $4.1
billion in revenue, $418 million in added value, and
almost 5,300 jobs over 2014-15 to Australia. More than
30% of seafood wholesaling businesses are located in
NSW and are estimated to contribute approximately
$1.3 billion in revenue, $41 million in added value,
and around 1,500 jobs to the NSW economy over
2014-15 (IBISWorld, 2015a).
16
The seafood retailing industry in Australia consists
of specialised retailers that sell a variety of fish and
other seafood products, either in a natural chilled
state, filleted, smoked, salted, curried or ‘ready-to-eat’
uncooked meal. This industry excludes the sale of
seafood by large retailers, such as supermarkets.
Much like seafood wholesaling, the industry is
highly fragmented and consists of 798 businesses. It
contributes almost $510 million in revenue, more than
$147 million in added value, and more than 2,500 jobs
in 2014-15 to Australia. Almost 30% of seafood retail
businesses are located in NSW and are estimated to
contribute approximately $148 million in revenue, $43
million in added value, and around 750 jobs to the
NSW economy in 2014-15 (IBISWorld, 2015b).
SFM is an integral part of the state fishing industry.
On its own, SFM accounts for a small part of
the industry in relation to direct expenditure and
employment. It operates across the seafood wholesale
and retail industries, employing 56 full-time workers
and one part-time worker in 2014-15.
The standard economic contribution approach may
under-represent SFM’s economic and social impacts
on NSW. SFM plays a pivotal strategic role by bringing
together buyers and sellers; the catching, wholesale,
and retail seafood industries to a central market. This
facilitates the trade of large quantities of seafood, most
of which is not captured in SFM’s employment figures.
SFM has wider economic and social impacts on
the NSW economy, which should also be considered.
The framework for considering these impacts is
discussed further in section 2.3, however, an economic
contribution study will form the foundation for this
analysis (section 2.2).
2.2 Economic contribution study
To understand the size of SFM’s impact on the NSW
economy, an economic contribution study provides a
key starting point for the analysis and is the sum of the
direct and indirect economic impacts attributed to the
operation of SFM as a standalone entity. This represents
its total ‘footprint’ on the NSW economy.
The economic contribution of SFM to the NSW
economy is measured in terms of:
• Value added, which is the contribution to gross
state product (GSP), and includes wages paid to
employees and the gross operating surplus
generated (including taxes)
• Employment, which is measured by full-time
equivalent (FTE) jobs.
2.2.1 Methodology
The basis for estimating the economic contribution is
the direct value added and employment contributed by
capital and labour inputs used directly by SFM in the
provision of its services.
Value added is the most appropriate measure of the
economic contribution to GSP. It is the sum of the
returns to the primary factors of production – labour
and capital – and can be calculated by adding the gross
operating surplus and wages paid to employees.
This is combined with a selection of the Australian
Bureau of Statistics’ (ABS) input-output economic
multipliers to determine the indirect or flow-on
contribution to the economy. The indirect contribution
is a measure of the demand for goods and services
produced in other sectors of the economy as a result
of the direct economic activity of SFM. The size of the
flow-on activity is determined by the extent of the
linkages with other sectors of the economy.
In this analysis, the contribution is estimated for the
Sydney Fish Market Pty Ltd entity. The data used in this
analysis is from the SFM 2015 Annual Report.
2.2.2 Direct economic contribution
The direct economic contribution comprises the value
added and the FTE jobs generated by SFM. Table 2.1
outlines the direct economic contribution of SFM to the
NSW economy in 2014-15. It is assumed that casual
employment is equivalent to 0.5 FTE jobs.
The economic and social impact of Sydney Fish Market 17
 Table 2.1: Direct economic contribution of SFM

Direct contribution Value

Wages paid to employees ($m) 6.6

Gross operating surplus ($m) 3.2

Direct economic contribution ($m) 9.7

Direct employment (FTE jobs) 56.5

Source: Deloitte Access Economics, based on SFM 2015 Annual Report

2.2.3 Indirect economic contribution

The expenditure of SFM has a flow-on impact on other sectors, creating an indirect contribution to the state
economy. In 2014-15, the expenditure of SFM on the goods and services of other organisations amounted to
$15.1 million, primarily from wholesale trade costs and property operation expenses.

This expenditure creates jobs across other industries. The flow of this expenditure into other sectors of the
economy is represented in Figure 2.1. It demonstrates the breadth of the sectors to which SFM contributes.
The multiplier for each sector is applied to calculate the extent of the indirect contribution.

Figure 2.1: SFM’s indirect contribution flow

Indirect gross value added

Wholesale trade and
Sydney Fish Market
direct expenditure
property operations $11.2 million
Indirect employment
$15.1 million Other
business services
81 FTE jobs
Source: Deloitte Access Economics, based on SFM 2015 Annual Report
NB: sum may not equal to total due to rounding.

Taking into account the flow-on impacts, SFM contributes an additional $11.2 million in indirect value added
to GSP and generates around 81 FTE jobs (Table 2.2).

18
Table 2.2: Indirect economic contribution of SFM

Direct contribution Value

Wages paid to employees ($m) 6.2

Gross operating surplus ($m) 5.1

Indirect economic contribution ($m) 11.2

Indirect employment (FTE jobs) 80.9

Source: Deloitte Access Economics, based on SFM 2014-15 financial statements

NB: sum may not equal to total due to rounding.

2.2.4 Total economic contribution

Table 2.3 presents the total economic contribution of SFM – the sum of the direct and indirect contributions.
SFM entity contributes about $21 million to the state economy and supports approximately 137 FTE jobs.

SFM also facilitates wholesale trade worth $128 million (SFM 2015 Annual Report) through its auction and other
wholesale trade operations. It also supports the business activity of wholesale and retail tenants, with on-site retail
spending estimated to be $195 million (SFM advice). Due to lack of financial information from wholesale and retail
tenants, the contribution of the facilitated trade cannot be calculated.

Table 2.3: Total economic contribution of SFM

Direct contribution Value

Wages paid to employees ($m) 12.7

Gross operating surplus ($m) 8.3

Total economic contribution ($m) 21.0

Total employment (FTE jobs) 137.4

Source: Deloitte Access Economics, based on SFM 2015 Annual Report.

NB: sum may not equal to total due to rounding.

The economic and social impact of Sydney Fish Market 19

 2.3 Wider economic and social
impacts framework
By itself SFM is a small commercial operation in terms
of economic contribution. It contributes $21 million in
direct and indirect value added to the NSW economy
and helps create 137 FTE jobs, as well as facilitating
wholesale seafood trade and supporting on-site retail
sales. However, SFM is much more than that. It also
contributes to Sydney’s image as a harbour city with an
outdoor lifestyle, providing high quality fresh food. SFM
also plays a pivotal strategic role for the wider seafood
industry and brings together buyers and sellers from the
catching, wholesale, and retail seafood industries in a
central market place.
To measure the economic and social value of
SFM, Deloitte Access Economics developed a wider
economic benefits framework and applied it to the
analysis within the report. There are six identified
benefits of SFM, which accrue to SFM, the seafood
industry, as well as the wider NSW community including:
tourism; consumer choice and variety; consumer
benefits from a unique experience; industry productivity
benefits from the colocation of wholesale and retail
trade; the existence value of SFM; and education.
Figure i: Elements of wider economic and social impacts
Tourism
Choice and variety
Wider economic
and social impacts
Consumer experience
Source: Deloitte Access Economics
Note: These elements are not all additive as they may double count some impacts.
20
Tourism benefits are based on the spending of
tourists whose visit to Sydney was induced by visiting
SFM. In combination with Sydney’s other tourist
offerings, SFM may draw tourists to Sydney, induce
them to stay longer and/or spend more. Tourism
spending will not only include tourist spending at SFM,
but their total expenditure for their trip in Sydney. This
expenditure can then be translated into an economic
contribution figure, which provides an estimate of the
value added to the economy as well as the
employment generated.
Consumer choice and variety benefits are those
derived through the benefit consumers receive, above
what is captured in a transaction, for goods and service
offerings which are considered uncommon or unique.
Superiority of greater variety of product can make
consumers better off through increased choice,
even if prices remain unchanged (Lancaster, 1990).
Existence value
Industry productivity
Education
Applying these concepts to SFM, benefits to consumers
are derived not only from fish and seafood purchased
on the SFM site, but more importantly, the variety of fish
that are traded wholesale through SFM but purchased
by consumers elsewhere, such as at local fish shops
and restaurants. According to the SFM Business Case
(December Update, 2015), more than 500 different
types of seafood species are traded at SFM. In particular,
consumers throughout NSW receive a benefit from SFM
for the access to the unique species of fish and seafood
at other places to buy fish, which would not otherwise
be readily available.
Through the colocation of wholesale and retail trade,
SFM also provides both consumer welfare benefits
through a unique experience, and industry benefits
through productivity gains.
Additional consumer welfare benefits refer to the
value consumers receive for service offerings above
what is captured in revenue and reflect customer
preferences for an authentic market experience that
is not available elsewhere. These benefits are estimated
by considering visitors’ strong preferences for SFM in
comparison to other comparable local offerings.
Industry productivity benefits refer to the productivity
benefits derived by industry participants (wholesale and
retail) of having a centralised marketplace. SFM is an
important part of the supply chain, bringing together
buyers and sellers in a central location for which there
are several productivity benefits including: improved
quality of produce; agglomeration benefits through
transport savings, sharing of infrastructure/facilities,
preference matching, and knowledge spillovers;
and auction benefits of efficient pricing.
People regularly place a value on things even if they do
not use them, for example, people may like to know
that there are beaches nearby, even if they do not visit,
or value the Sydney Opera House as an icon, even if
they never attend performances. This may be described
as a place’s existence value, which accounts for SFM’s
status as a unique tourist destination within Sydney,
and that NSW residents, even though they may not visit,
value the fact that SFM exists and they have the option
to visit.
There are benefits also associated with educational
programs, both at an individual and economy-wide
level (Australian Workforce and Productivity Agency,
2013). Various studies have suggested that an additional
year of learning increases an individual’s wage between
5% and 16%. SFM provides educational benefits
to employees and the seafood industry through the
Seafood Industry Training Package and participants
of the Sydney Seafood School.
The concepts of brand equity or brand value are
well established, since firms began to acknowledge
the influence of brands on financial performance
in a period that Interbrand calls the ‘Age of Value’
(Interbrand, 2016). While the SFM brand is a significant
factor for both wholesale and retail operations,
a single corporate entity brand valuation may not be
an appropriate measure of the SFM brand. This report
considers a brand contribution study to better reflect the
importance and impact of the SFM brand. It separately
considers a brand’s influence on retail spending and
some wider economic and social impacts.
The economic and social impact of Sydney Fish Market 21
 2.4 Data collection
To estimate the broader economic and social impact,
Deloitte Access Economics developed a consumer
survey to assist in estimating the six benefits of SFM
listed above. Stancombe Research & Planning assisted
with survey fielding. The survey received more than
500 responses from both domestic and international
consumers, and included retail visitors to the precinct as
well as domestic and international visitors to Sydney.1
The survey covered a range of areas including:
For visitor cohorts (excluding non-users), visitation
weightings were estimated based on Sydney Fish
Market visitor count data (2016), the SFM Business
Case (December Update, 2015) and Woolcott (2015)2,
which suggests:
• 57% or 1.7 million are local visitors
• 22% or 660,000 are domestic day visitors
• 1% or 30,000 are domestic night visitors
• 20% or 600,000 are international visitors.

• Screening and demographics questions

• Attitudinal questions about people’s visiting
habits and user perceptions of SFM
• Value questions of experiences and spending
habits at SFM
• Questions around perceptions of SFM’s broader
value as an Australian icon
For further clarification of the productivity benefits asso-
ciated with colocation of wholesale and retail, as well as
educational opportunities through SFM, Deloitte Access
Economics consulted with tenants at SFM including
Poulos Bros, a seafood wholesaler, Nicholas Seafood
and Peter’s Fish Market; as well as the catching
industry (Catchers Trust and the NSW Professional
Fishermen’s Association).

• Behavioural questions of tourists visiting Sydney

Other key sources of information include secondary
and SFM
sources provided by SFM, such as SFM Business Case
• The value placed on SFM’s brand and importance (December Update, 2015), as well as any publicly
of brand available information from various sources, including
TRA and Destination NSW, and recent Deloitte Access
• Demographic questions.
Economics estimates and reports on the economy
and tourism activity.
Respondents were categorised into five different
cohorts, depending on the frequency of their visits
2.5 Key assumptions
to SFM. Cohorts included local visitors (classified as
The estimates in this report are based on publicly
frequent shoppers if they visit at least once every two
available data as well as data provided by SFM for the
months), domestic day visitors who had visited at least
purpose of this analysis. This includes the SFM Business
once in the past two years (further distinguished as
Case prepared by the Stafford Group and estimates of
either intrastate or interstate), international visitors
wholesale revenue, retail revenue and employment on-
(including those who had and had not visited SFM)
site by SFM and its tenants. These inputs have not been
and domestic non-users from NSW.
independently verified by Deloitte Access Economics.

1. Participants surveyed and counted in benefits of colocation included NSW residents, interstate and international visitors to Sydney
(from New Zealand, the UK, the US, and China) who had visited SFM.
2. Destination NSW (2016) visitation data was considered but ultimately not incorporated due to limitations in the data that excluded
locals (those who live within 25 km radius of SFM) and day trippers (domestic and international).

22
The economic and social impact of Sydney Fish Market 23
 3 Tourism

3 million visits per year to SFM

24
 57%
or 1.7 million
are local visitors

22%
or 660,000
are domestic
day visitors

1%
or 30,000
are domestic
night visitors

20%
or 600,000
are international
visitors

The economic and social impact of Sydney Fish Market 25

 In addition to the economic contribution to GSP and 3.2 Quantifying the tourism impact
employment in NSW, SFM also supports economic To analyse the current benefits from tourism we
activity through its role in attracting tourists to Sydney. need to first identify the additional tourism spending
This chapter considers the direct and indirect tourism associated with SFM. This expenditure is calculated
impacts of SFM on the NSW economy. by identifying the number of visitors that came to
Sydney due to SFM and the associated additional
3.1 Understanding the impact tourist spending.
SFM is a recognised Sydney brand and tourist
destination, both internationally and domestically, This expenditure can then be translated into an
and is the home of the state’s fishing industry. It is economic contribution figure, which provides an
part of the package of Sydney tourist offerings and estimate of the value added to the economy as well
adds to Sydney’s appeal as a destination for as the employment. The two figures will provide
outdoor waterfront experiences and fresh food. an indication of the importance of SFM as a tourist
destination.
Food and wine are a critical part of developing
Australia’s brand, as demonstrated by Tourism Australia’s According to SFM data and Destination NSW’s survey
recent ‘Restaurant Australia’ campaign, which focuses results, three million people visited SFM, of which:
on seven categories: wine, seafood, people, produce,
restaurants, experiences and festivals (Tourism • 57% or 1.7 million are local visitors
Australia, 2015). Survey responses from domestic and
• 22% or 660,000 are domestic day visitors
international visitors to SFM revealed that more than
three-quarters of visitors prefer SFM to other fish shop • 1% or 30,000 are domestic night visitors
outlets on factors including quality and freshness, and
• 20% or 600,000 are international visitors.
experience, demonstrating that SFM upholds Australia’s
tourism image. For this analysis, local visitors have been excluded since
their expenditure is more likely to be redistributed away
In combination with Sydney’s other tourist offerings,
from other local fish stores and is unlikely to be tourism
SFM may draw tourists to Sydney, induce them to
‘gain’. The only cohorts of interest are domestic day and
stay longer and/or spend more. The wider economic
overnight visitors as well as international visitors. Based
and social tourism benefits of SFM are based on the
on the survey results:
additional spending of tourists whose visit to Sydney
was induced by visiting SFM. The spending of locals
is not included in this analysis as it is likely that their
spending at SFM is a substitution away from other
spending within the state, and therefore is not
counted as additional economic activity.

26
• 33% of interstate tourists said that SFM was a
factor for their decision to visit Sydney.
-- Of the 33%, 49% said that it was the main factor
for their decision to visit Sydney. This suggests
that around 16% of all interstate tourists visit
Sydney due to SFM.
• 68% of international tourists said that SFM was
a factor for their decision to visit Sydney.
-- International tourists were presented with a list
of destinations in Sydney. On average they visited
around 4.9 places of the list presented. Given
that the list is not exhaustive, it is estimated that
visitation may instead be around 10 places. This
suggests that around 7% of international tourists
visited Sydney because of SFM.
Using these ratios, we can estimate the number of
tourists that visited Sydney whose trip was induced
by SFM.
The TRA national visitor survey and international
visitor survey were used to estimate the average tourism
expenditure for each type of visitor, i.e. domestic day
and overnight as well as international visitors, for
their entire length of stay in Sydney. Combining this
TRA expenditure data with the visitation data we can
estimate the expenditure and the tourism contribution
of the tourists attributable to SFM.
Overall, we estimate that around $110.8 million of
additional tourist expenditure is directly associated
with SFM. A summary of calculations is presented
in Table 3.1.

Table 3.1: Tourism expenditure due to Sydney Fish Market

Proportion Total
Tourist Current Number of Expenditure
attributable to Expenditure
type visitation tourists per visit
SFM (000s)

Locals* 1,710,000 0% - $104.09 -

Domestic day 660,000 16% 106,722 $104.09 $11,109

Domestic
30,000 16% 4,851 $712.19 $3,455
overnight

International 600,000 7% 41,903 $2,295.98 $96,208

Total 3,000,000 153,476 $110,771

Source: Deloitte Access Economics calculations.

* Note: expenditure of locals is excluded from the analysis because they are unlikely to be tourists, and because any
expenditure is likely to be redistributed away from other local expenditure, rather than being a tourism ‘gain’.

The economic and social impact of Sydney Fish Market 27

 To estimate the economic contribution of the visitors,
the expenditure needs to be converted into wages,
gross operating surplus (GOS) and employment of
the businesses that are affected.
To assist the interpretation of the tourist contribution,
consider the following example. A tourist at SFM
may have a meal at a restaurant. The restaurant
would employ people and capital to serve the tourist,
the wages paid to the waiter is the return to labour
and the owner’s profit or earnings before interest,
taxes, depreciation and amortisation (EBITDA)
reflects the return on capital. This is the direct
tourist contribution.
However, the restaurant also sources other
intermediate inputs and expenses to run the business.
The expenditure by the restaurant on fresh produce
from markets, alcohol and liquor, electricity, gas, and
water also creates economic activity. This economic
activity is the indirect tourist contribution.
ABS input-output tables provide information on how
to allocate the estimated total expenditure by different
types of tourists to wages, GOS and employment.
These elements can then be combined to estimate
the economic contribution.
Additional visitor expenditure generated by SFM is
estimated to contribute $72.5 million in value added
to the NSW economy and support 775 FTE jobs
(see Table 3.2).

Table 3.2: Tourism contribution of SFM

Total contribution Direct contribution Indirect contribution

Spend ($m) $110.8

Gross output ($m) $142.3 $100.4 $41.9

Labour income ($m) $45.8 $35.6 $10.3

Gross operating surplus ($m) $26.7 $17.1 $9.5

Value added ($m) $72.5 $52.7 $19.8

Employment (FTE) 775 632 143

Source: Deloitte Access Economics

The $110.8 million spent by tourists directly contributes $53 million in value added (including $36 million in wages
and $17 million in GOS) and supports 632 FTE jobs. Indirectly, this contributes $20 million in indirect value added
(including $10 million in wages and $9.5 million in GOS) and supports 143 FTE jobs.

28
The economic and social impact of Sydney Fish Market 29
 4 Consumer choice benefits

500
fish and seafood species
are traded through SFM

30
this increased choice results in
consumer welfare benefits of around

$75 million per year

The economic and social impact of Sydney Fish Market 31

 In this chapter we examine the additional consumer SFM provides consumers with access to a variety
welfare benefits generated by SFM that are not of fish and seafood produce (including uncommon
captured in revenue, such as those associated species) across the state, which would otherwise
with greater choice and variety. not be available.

4.1 Understanding the impact
Consumer choice benefits refer to the additional
value, above what is captured in transactional value
(i.e. the monetary amount actually paid), that
consumers receive for goods or service offerings that
are uncommon or unique. Academic research has found
that businesses that offer a greater variety of product
can provide consumers with more choice, and can
make consumers better off even if prices remain
unchanged (Lancaster, 1990).
SFM Business Case (December Update, 2015) notes that
there are 500 fish and seafood species traded through
SFM. These different fish and seafood species are then
made available to the almost 1,500 fish and chip shops
and more than 3,100 restaurants (IBISWorld, 2015c and
2015d) around NSW. It is likely that, in the absence of
SFM, retail outlets would be required to source the
fish directly or sell the produce frozen.

Catchers Trust
Catchers Trust is a unit trust for NSW commercial fishermen and aquaculturists. The Trust owns 50% of SFM
(the remaining half is owned by SFM Tenants and Merchants Pty Ltd).

David Saul, Secretary for the Catchers Trust, noted that SFM facilitates the trade of a wide variety of species to
consumers across NSW. “It’s not just the retailers on-site that buy the fish from the auction floor, but suburban
retailers from across Sydney, as well as businesses from intrastate.”

He also noted the important strategic role of SFM to the NSW catching industry. “Whole livelihoods are
dependent upon it. SFM provides a central place where fishermen can sell their product. Commercial fishermen
deliver their produce to the SFM auction from across NSW on a daily basis.” SFM also plays a critical role as an
industry representative and advocate to government.

The value of having greater choice is estimated by considering the uniqueness of the fish and seafood offering.
The ‘uniqueness’ factor of fish and seafood species on offer, which are facilitated by SFM, provides an estimate of
the consumer choice benefits. It is based on the attitudes of consumers as well as the proportion of seafood sales
revenue attributed to seafood species that are not widely available.

Unlike the economic contribution outlined in section 2.2, these values are not revealed through a transaction
and should be interpreted as indicative figures of value.

32
 Non-seafood offerings at SFM
Following the opening of Vic’s Meat Market in September 2014 (which includes a butcher, takeaway counter
and a Wagyu and Grange bar) SFM is able to market itself as a ‘one-stop-shop’ for shoppers seeking fresh
produce. Other offerings include fruit and vegetable, bakery, deli, café, florist, fishing equipment, and
souvenir shops.

While SFM provides a range of non-seafood offerings, these are considered to be significantly different from
those at local fish shops or supermarkets, which are in general also located close to a bakery, deli or grocer.
Therefore, these benefits are not counted as additional.

4.2 Quantifying the impact
To understand the magnitude of SFM produce that
is offered across the state that would otherwise not
be available, we estimate the total sales that are
associated with SFM retail customers, both on
and off-site. SFM’s Annual Report (2015) reported
that the wholesale SFM revenue was $128 million
and approximately 13,400 tonnes of seafood was
traded over the year (SFM advice). Based on this, on
average, one kilogram of wholesale seafood trades for
approximately $9.54 per kilogram.3 We conservatively
estimate that retail customers, both on and off-site, are
likely to pay at least twice this price, suggesting retail
value of this fish of approximately $255.7 million.
To understand the proportion of SFM produce that is
uniquely offered and not widely available, we estimate
a ‘uniqueness factor’. SFM provided a list of all seafood
species sold by value and weight in 2014-15. Through
desktop research of seafood produce available at other
shopping outlets, it is estimated that the ‘uniqueness’
factor of fish and seafood variety through SFM is 38% of
seafood sales revenue. It is possible that in the absence
of a SFM auction, a certain proportion of unique fish
would be available through other supply options, such
as direct sales to seafood retailers and restaurants. If
half of the value of unique seafood was not available
through these channels, this would reduce the value of
unique seafood sales revenue by $48.8 million.

3. It is acknowledged that this is a very rough estimate, and that SFM provides a large variety of seafood species, varying in quality,
uniqueness and price.

The economic and social impact of Sydney Fish Market 33

 How is the value of choice measured?
Brynjolfsson et al. (2003) provides an in-depth example of the increase in consumer welfare and choice value
from the introduction of Amazon.com, providing greater access and increased book variety in comparison to
traditional and ‘popular’ bookstores. We consider this to be similar to the situation for seafood – the demand
for specific books is similar to the demand for specific seafood species, and these demands cannot be easily
substituted for alternatives. That is, to a discerning consumer, two types of fish are not directly substitutable,
just as two novels; one romance and one crime fiction are not equivalent.

The study measures the choice value through the compensating variation (CV), that is; the amount required to
reimburse consumers to ensure they are as well off as they would be under the new product offering scenario.

The CV is calculated by considering the amount of new sales generated post-introduction of new variety and
choice (pn1 x1 where pn1 represents price and x1 represents quantity) and the cross-price elasticity of demand (α,
which is the consumer’s willingness to switch between products).

pn1 x1
CV = –
1+α

The cross-price elasticity of relatively unique offerings,
such as the fish and seafood species varieties offered
through SFM, are likely to be associated with a lower
cross-price elasticity of demand. Unique seafood species
are unlikely to have a close substitute and require a
form of ‘compensation’ to ensure they are just as well
off. The impacts of choice are measured by considering
an alternative scenario in which uncommon and unique
fish species are not easily accessible to consumers.
These impacts are measured by applying the
compensating variation (CV) and cross-price elasticity
of demand, as explored in Brynjolfsson et al. (2003)
methodology (see information box above).
Brynjolfsson et al. (2003) estimated the cross-price
elasticity of books to be between -1.56 and 1.79.
Here we assume that the difference and taste
preference between different seafood varieties
among consumers is comparable to book selections.
By applying this price elasticity to the portion of total
sales revenue associated with choice and variety
available through SFM, these impacts are estimated
to be worth between $62 million and $87 million
annually. Taking the average, the consumer welfare
benefits associated with choice are indicatively
estimated to be worth approximately $75 million
per year.

34
The economic and social impact of Sydney Fish Market 35
 5 Benefits of colocation

83% 91%
of survey respondents believed that SFM was
agreed or strongly accessible to all types
agreed that SFM and classes of people.
reflects the cultural
diversity of Sydney

36
 76%
of visitors surveyed
prefer SFM’s offerings
relative to purchasing
fish and seafood
elsewhere

SFM

The economic and social impact of Sydney Fish Market 37

 Consumer preferences for fresh, sustainable and quality
produce have placed pressure on domestic industries
to deliver on consumer expectations, including added
strain on cost, transportation and logistics (Future
Directions International, 2015).
Through colocation and efficient markets, SFM
provides benefits for both industry and consumers to
ensure expectations of freshness, quality and sustainably
produced food are met, while solving logistical issues
that arise from consumer demand preferences.
5.1 Colocation benefits for consumers
5.1.1 Understanding the impact
SFM is an integrated wholesale and retail precinct
that provides a unique customer experience. Through
colocation, customers have access to an authentic
market experience that they would not otherwise
encounter elsewhere, such as at their local fish and
chip shop. This generates consumer welfare benefits
and, as revealed in the consumer survey, is measured
by considering visitors’ strong preference for the SFM
experience in comparison to other places to buy fish.

SFM visitor preference for SFM’s authentic market experience

The survey revealed the attitudes towards SFM and provides an understanding on how different the offerings
at SFM are in comparison to other local fish and seafood shops, based on a range of considerations. Table 5.1
provides a summary of attitudinal survey results, and reveals that more than three-quarters of visitors prefer the
SFM experience and offerings relative to their local fish shop. The factors of quality and freshness, and variety
are rated highest in distinguishing SFM from competitors.

The survey also considered visitors’ perceptions of SFM as a reflection of Sydney’s cultural diversity, as well
as openness and accessibility to people ‘from all walks of life’. An estimated 83% of respondents agreed or
strongly agreed that SFM reflects the cultural diversity of Sydney and 91% believed that SFM was accessible
to all types and classes of people.

Table 5.1: SFM uniqueness

Characteristics Visitors who prefer/strongly prefer

SFM’s characteristics relative to
local fish shop

Quality and freshness 86%

Cost 47%

Variety 89%

Enjoyable experience 80%

Authentic market experience 81%

Weighted average 76%

Source: Deloitte Access Economics

These values are not revealed through a transaction and therefore are not measured under an economic contribution.
Although analysis of these impacts provides a monetary estimate of value, it is an indicative measure of its impact.

38
5.1.2 Quantifying the consumer welfare benefits
at SFM
The consumer survey of SFM visitors, developed by
Deloitte Access Economics, revealed a stated preference
for the SFM experience, considering the colocation
wholesale and retail outlets, in comparison to the
experience offered by their local fish and seafood shops.
More than three-quarters of visitors surveyed preferred
SFM’s offerings to other places to buy fish, including
44% of respondents that said the SFM experience
was very different in terms of an enjoyable experience
compared to purchasing fish elsewhere.
Estimates provided by SFM suggest total retail revenue
at the site is around $195 million a year. Consumer
perceptions on its market experience were drawn
from the DAE consumer survey of SFM’s domestic
and international visitors.
Estimates of consumer welfare benefits arising from
an authentic market experience are based on the
‘uniqueness’ of the experience and consider how
superior it is for visitors in comparison to alternatives.
Impacts are measured by applying Brynjolfsson et al.
(2003) methodology on the compensating variation
(CV) and price elasticity of demand (see section 4.2).
If the SFM experience was not an available option
for visitors, the compensating variation approach
estimates the amount required to reimburse
consumers to ensure they are just as well off.
Brynjolfsson et al. (2003) estimated the cross-price
elasticity of books to be between -1.56 and 1.79.
The elasticity could be higher or lower than these
ranges. Divisekera (2007) estimated the demand
elasticities associated with domestic and international
tourist demands for food and entertainment in
Australia. The domestic elasticity for food was -0.91
and entertainment was -0.45. The international
elasticity for food was -0.84 and entertainment was
-1.72. To be conservative, we have based our estimates
on the ranges from Brynjolfsson et al. (2003).
Based on the consumer survey responses of
how enjoyable the SFM experience is compared to
purchasing fish elsewhere (44%), approximately $86
million of the total retail revenue is associated with
the unique colocation and authentic market
consumer experience.
Applying compensating variation methodology and the
Brynjolfsson range of elasticities, to the retail revenue
amount associated with unique market experience
provides an estimate of the consumer welfare amount
associated with colocation. This suggests a unique
market experience benefit of approximately $109
million to $153 million per year (an average of
around $131 million per year). Although this
analysis provides a dollar estimate, these values should
be interpreted as indicative. It indicates that the benefits
of a unique experience at SFM are roughly 75% higher
than the amount of consumer benefits from choice
and variety.
The economic and social impact of Sydney Fish Market 39
 Nicholas Seafood and Peter’s Fish Market – seafood retailers
The integration of wholesale and retail at SFM has significant benefits for retail operators. John Jeffreson, of
Nicholas Seafood and Peter’s Fish Market, highlights ‘consistency, availability and market-driven pricing’ as three
main benefits from wholesale-retail integration.

Around 50% of product for retail sale at Nicholas Seafood and Peter’s Fish Market is purchased off SFM’s
auction floor. These retail operations benefit from a larger range of available produce compared with local
fish shops and supermarkets. Colocation also helps to spread the cost of rent between wholesalers and
retailers, and along with reduced transport costs, allows retailers to offer comparable or lower prices than their
competitors.

The benefits are not limited to retailers located at SFM, however. All buyers receive free loading for purchased
stock, and can reduce overheads by using a single, larger truck rather than requiring a fleet of trucks to travel
to varied markets. Mr Jeffreson believes that many retailers would “go broke” if they had to travel to several
locations to purchase different types of seafood, resulting in “reduced diversity of seafood offerings” at local
fish shops.

Retailers such as Nicholas Seafood and Peter’s Fish Market at SFM also significantly contribute to industry
training. The Seafood Industry Training Package (SITP) was introduced in 2000, and has since provided the
basis for vocational education and training in the Australian seafood industry. Additional training occurs on-site
by retailers and is self-funded. Staff are trained in the proper treatment of seafood, which ‘should be handled
with care and treated like gold’, with ongoing hands-on training in areas such as filleting, opening oysters and
seafood presentation. There are flow-on benefits for the industry as these staff take their skills to local fish
shops and competently maintain the quality of produce.

40
5.2 Colocation benefits for industry
SFM provides significant benefits to industry. It is an
important part of the supply chain, bringing together
buyers and sellers in a central location. This chapter
considers the benefits to SFM and wholesalers through
the auction and direct sales that occur at the market.
5.2.1 Understanding the impact
Colocation benefits for the industry refer to the
productivity impacts felt by industry stakeholders
of having ‘clusters’ or a centralised market place.
There are several productivity benefits arising from
a central market such as SFM, including:
• Improved quality of produce:
-- Location efficiencies – having a designated
market supports an efficient supply chain, with all
parties meeting in one location rather than buyers
and/or sellers inefficiently travelling to purchase/
sell their products, with freshness a likely dividend
of this efficiency
-- Competition – competition between wholesalers
means that high quality of produce will be
provided for sale given the number of alternative
sellers and species options available.
• Agglomeration benefits:
-- Transport savings – from reduced need for
product to be transported between varying
locations, and efficiencies through being able to
use a single larger vehicle rather than requiring
a fleet of vehicles
-- Sharing infrastructure – avoided duplication
of equipment such as forklifts and scales, and
infrastructure such as docks and waste facilities
-- Matching – the meeting of buyers and sellers
increases the likelihood of trades being made
-- Knowledge spillovers – information sharing
between sellers can improve industry standards,
handling and processing.
• Auction benefits:
-- Efficient pricing – Dutch (descending price)
auctions at SFM seek an efficient market price
for produce, which serves as a regional
benchmark price and arises from competition
between buyers.
A literature review and consultations with industry
stakeholders (wholesale and retail tenants of SFM
and members of the catching industry) support
these findings.
The economic and social impact of Sydney Fish Market 41
 Professional Fishermen’s Association
Professional Fishermen’s Association (PFA) is the peak body for the commercial fishing industry in NSW.

Tricia Beatty, Executive Officer for the PFA, noted that the colocation of retailers and wholesalers at SFM was
important for generating “industry knowledge and expertise of seafood”. “The centralisation of knowledge of
the product gives people re-assurance and confidence in what they are buying.”

She also noted that the location of SFM was important to reduce transportation costs. “It is fairly easy to
transport seafood to SFM, particularly from northern central NSW where a lot of seafood comes from.
Without ease of access, quality and freshness of fish would become an issue.”

5.2.2 Quantifying the industry colocation
benefits at SFM
There are several measures of industry productivity
benefits arising from colocation. First, transport costs for
industry are likely to be greater in the absence of SFM.
Based on the Australian Taxation Office’s performance
benchmarks (2015), motor vehicle expenses are around
2% of an organisation’s turnover. Without a central
market, there would likely be significantly higher
transport costs to achieve the matching between
buyers and sellers that occurs at the market.
A greater transport burden would be unlikely to
result in practice, with the most likely impact of
not having a colocated site being greater use of
direct sales, more frozen produce and less variety
of seafood. However, we have calculated productivity
benefits based on the premium of fresh versus frozen
fish as well as an estimation based on transport cost
savings to compare results.
At present, SFM is largely a fresh seafood market,
with 55.6% of product from NSW, 30.2% from
interstate, and the remaining 13.5% imported from
New Zealand in 2014-15. As such, the market underpins
the Australian fresh seafood industry. Australia is a net
importer of seafood, with 70% of domestic demand
coming from overseas (National Seafood Industry
Alliance 2015). Without SFM, there would likely be
more frozen sales and a much greater dominance of
imported product (which Australia is less competitive
in, due to relatively higher costs of labour involved in
processing), to the detriment of the domestic industry.
Increasing the share of frozen produce (in place of fresh
produce) is likely to reduce benefits. Productivity benefits
arise from enhanced storage and handling, resulting in
less spoilage, or reduced need for produce to be frozen.
Tollens (1997) found that wholesale markets enhance
storage and handling conditions, with reductions in
post-harvest losses of around 30%. For SFM, we assume
post-harvest losses represent the difference between
fresh and frozen produce.
Deloitte Access Economics estimates a ‘freshness
premium’ of 47%, based on supermarket price
differences for a range of fresh and frozen seafood.
Taking into account the spoilage and freshness figures,
we calculate a benefit to producers of 14%. Based
on SFM’s seafood sales of $127.9 million in 2014-15,
which is dominantly fresh product, this suggests
industry productivity benefits of around $17.9
million per year. It is also important to note that these
values represent productivity gains, which should be
interpreted as an indicative measure of impacts.
This is a conservative estimate as there are
other wholesalers on-site, which SFM estimates have
revenue of around $214 million per year; however these
wholesalers sell a mix of fresh and frozen seafood. The
inclusion of other wholesale revenue may double count
industry productivity benefits since wholesalers also sell
to SFM (however consultations suggest this is likely to
be marginal).

42
This estimate is also comparable with other research;
Deloitte Access Economics’ 2012 analysis for Australian
Food and Agriculture Company Limited found a 10.3%
productivity benefit to industry from the freight and
scale benefits of a central market.
There are also likely to be industry benefits from
agglomeration. The Victorian Department of Transport
(2012) conducted a literature review of studies on job
density, productivity and the role of transport, which
suggests that productivity benefits of up to 13% can
be achieved with a doubling of job density. Using this
approach based on the benefits of agglomeration
and job density, an alternative measure of industry
productivity is $16.6 million per year. This is
comparable to the earlier estimate of $17.9 million
per year, derived from looking at the benefits of
fresh produce (as opposed to frozen).
There are also industry benefits from an auction-based
system of selling. These include efficiencies from a
market price, reduction of information asymmetries
between buyers and sellers, and the coordination and
logistical benefits associated with bringing together
market participants at a set time of day. The prices set
at SFM for seafood are considered to be benchmark
prices across Australia and New Zealand.

Poulos Bros – seafood wholesaler

Poulos Bros Seafoods Pty Ltd is part of the Poulos Bros Group, one of the largest seafood companies on the
eastern seaboard of Australia, supplying wholesale fresh and frozen seafood.

Headquartered in Pyrmont next to SFM, Poulos Bros’ operations both complement and compete with SFM
auctions; the range of seafood offered for direct sale by Poulos Bros overlaps with, but also extends, the range
available at auction. The seafood sold by Poulos Bros is sourced directly from fishermen
and not through the market.

As well as being a tenanted wholesaler at SFM, Poulos Bros’ operations also include distribution, processing,
importing and exporting seafood. These operations span from Morningside, Queensland through to Hobart,
Tasmania.

Con Liaros, Managing Director, notes a number of benefits of SFM operations. “The market provides a cost-
effective central point for sales, and is an efficient channel to buyers. Buyers also benefit as there is a larger
range of product available in the one place.”

The economic and social impact of Sydney Fish Market 43

 6 Existence value

People value the fact that SFM

exists and that they have the
option of visiting in the future.

44
Existence value of

$25 million per year

The economic and social impact of Sydney Fish Market 45

 6.1 Understanding the impact
People regularly place a value on things even if they do
not use them. For example, people might like to know
that there are beaches nearby, even if they do not visit,
or value the Sydney Opera House as an icon, even if they
never attend performances there. This may be described
as the existence value of a service offering, which is not
allocated to consumers of SFM, but to non-users who
may not visit SFM yet but have the option to.
The existence value of SFM is not derived narrowly
from the company’s commercial operations, but is
attached to the operation of the entire SFM site and the
wholesale and retail trade facilitated there. It accounts
for SFM’s status as a unique tourist destination within
Sydney, and that residents of NSW, even though they
may not visit, value the fact that SFM exists and they
have the option to visit it.
6.2 Quantifying SFM’s existence value
Contingent valuation surveys are one method of
measuring non-use value. These surveys show the
willingness of a representative sample of individuals
to pay, which can then be extrapolated for a value
across society.
In the survey conducted for this project, non-users were
asked, “Is there any value for you in the fact SFM exists
and having the option to potentially visit in the future?”,
with half of respondents noting that they did value
its existence.
46
These respondents were also asked how much they
valued the option to visit SFM in the future, resulting
in a weighted average value across NSW non-users of
$5.30. Extrapolated across all non-users in NSW, this
suggests an existence value of approximately $25.2
million per year. This figure should be interpreted as an
indicative figure of value. It is a conservative estimate,
as it does not estimate an existence value for the rest
of Australia, or international visitors. It is certainly
possible that, however small, people outside NSW
may place a value on the existence of SFM.
It should also be noted that there are limitations to the
use of contingent valuation surveys in the estimation
of value. There may be differences between the values
reported by people in a survey and their true preferences
or willingness to pay. The survey responses were limited
to a small range of possible contributions, to effectively
apply a budget constraint and prevent respondents from
citing over-inflated values.
The economic and social impact of Sydney Fish Market 47
 7 Education

Industry ‘hands-on’
training

Seafood Industry
Training Package

48
 Sydney
Seafood School

Fishing and Seafood

Industry Standards

The economic and social impact of Sydney Fish Market 49

 SFM provides a variety of education offerings
associated with the fish and seafood industry.
Educational opportunities are available to employees,
the fish and seafood industry, school students, and the
wider community. This chapter provides a discussion
of the various educational opportunities that exist.
The Seafood Industry Training Package (SITP) was
introduced in 2000, and has since provided the basis for
vocational education and training for employees in the
Australian seafood industry. SITP covers all commercial
activities conducted in or from Australia that are related
to the industry. This includes harvesting, farming,
culturing, processing, storing, transporting, marketing,
selling and distributing fish and seafood and/or related
products. Due to the diversity of skills required within
different sectors of the seafood industry, a range of
qualifications are offered by the SITP across the four
sectors of the seafood industry; the specific skills relating
to fishing operations, aquaculture, seafood processing,
and seafood sales and distribution are explored across
29 competency standards.
One of the competency standards, as part of the
Training Package, is to provide corporate leadership.
Sydney Fish Market is recognised as an industry
representative that illustrates the practical application
of corporate leadership and its relevance in the
workplace (Australian National Training Authority, 2002).
For SFM employees, additional training occurs on
site by retailers and is self-funded. In consultation with
current retail and wholesale SFM tenants, it was found
that training of employees is undertaken in a more
informal and ‘hands on’ approach on-site. The benefits
of the education offerings are discussed qualitatively
and are expected to be small.
There are benefits associated with positive impacts to
productivity at an individual and economy-wide level
(Australian Workforce and Productivity Agency, 2013).
Various studies on the topic have suggested that an
additional year of learning increases an individual’s
wage between 5% and 16%. While learning via formal
education and training programs is cited to generate
higher benefit rates, Green and McIntosh (2006)
suggests that participation in informal training is,
on average, associated with a 5% to 6% increase in
wages; while Smith (2001) suggests that participation
in enterprise-based training is associated with an
average wage increase of 8% to 9%.
SFM adheres to Fishing and Seafood Industry
Standards, and holds certification to the Food Safety
Management System. SFM has implemented a risk
management framework that has been externally
audited to international standards. This includes
monitoring compliance legislation, assessing and
improving operations and encouraging employees to
participate in management programs, such as food
safety, work health and safety and environment
issues management.
In October 2012, SFM was accredited against the
Environmental Management Standard by NCS
International (now British Standards Institution) and
has implemented a Waste Management Plan targeting
a 40% diversion into recycling initiatives by 2016.
SFM has also outlined its support of responsible fishing
practices, environmentally responsible farming practices
and fisheries management to support intergenerational
equity and sustainable seafood supply.

The National Seafood Industry Leadership Program

The Program is designed for those wanting to take on leadership roles within the fish and seafood industry
and provides an understanding of how participants are able to constructively impact the seafood industry.
The Program is funded through the Fisheries Research and Development Corporation, on behalf of the
Australian Government, and sponsored by SFM (Australian Fisheries Management Authority, 2014). SFM
sponsors the program up to $20,000 per annum, which funds two participants per year.

50
 Playing a role in standards and quality assurance
SFM is recognised as an industry leader in standards and quality assurance, including the introduction of its
Quality Assurance Program in October 1998, which incorporates the Hazard Analysis Critical Control Point
system, to ensure all products sold on-site and all meals prepared at Sydney Seafood School adhere to this
standard. Reflecting this, SFM became the first Australian company certified in the Australian Seafood
Standard in 2005 and the Australian Fish Names Standard in 2007 (SFM Seafood Handling Guidelines, 2013).

According to SFM, it is also proactive in contributing to the development and adoption of new grading systems
to ensure the quality and value of seafood produce, such as the National Live Mud Crab Grading Scheme. Other
SFM initiatives include the development of the Australian Seafood Quality Index App (ASQI), which is a simple
tool for industry to assess the quality and freshness of seafood.

As part of the safe and nutritious supply and
consumption of fish and seafood, SFM has developed
industry-wide accepted management strategies, such
as the consumption of Spanish mackerel weight rule of
thumb. The importance of such management strategies
in the fish and seafood industry supply chain is evident,
with recent poisonings from the consumption of Spanish
mackerel (Scomberomorus commerson) occurring in
northern Queensland and the Gold Coast. To minimise
the risk of ciguatera, a type of food poisoning, SFM
implements prohibitions on specific supply regions and
species types, as well as size limitations for seafood
varieties considered high risk.
SFM also provides educational opportunities for the
wider community. This includes high school students
who have the opportunity to participate in organised
school excursions, as part of the Food Technology
curriculum (NSW outcome number H3.1). The excursion
allows students to examine aspects and gain a more
in-depth understanding of the operations at a
seafood market.
SFM also educates its visitors on the correct preparation
and consumption of seafood, through the Sydney
Seafood School (SSS) and cooking classes. Each SSS
class begins with a demonstration by a leading chef or
seafood educator such as Frank Camorra, Matt Moran,
or Shaun Presland followed by a hands-on cooking
session and tasting. In the financial year to June 2015,
more than 10,700 guests participated in more than
290 classes. Fees for classes begin at $90 per person
(two-hour class) and range up to $165 per person (four-
hour class). SSS generated $87,000 in revenue over
the FY2014-15.
SSS, via the Sydney Seafood School Cookbook,
also provides education on the safe preparation and
consumption of seafood in printed and digital form.
The cookbook is currently in its sixth print run and has
sold more than 13,000 copies since it was released
in 2012. Over the FY2014-15, sales of the cookbook
generated $7,000 in royalties. Digitally, SFM provides
freely accessible recipes, attracting approximately
10,000 views per month. The combined activities of SSS
generated $1.2 million in revenue over the FY2014-15,
including a profit of $76,500.

The economic and social impact of Sydney Fish Market 51

 The economic and social
8 contribution of brand

52
Contribution of brand to on-site retail
spending is estimated to be around

$32 million.

The economic and social impact of Sydney Fish Market 53

 SFM has a brand that is well recognised by industry
and consumers, which is associated with fresh seafood
and a unique harbourside setting. The SFM brand is
also a significant factor for wholesale and retail tenant
operations on-site. In this chapter, we look at some
established approaches (such as the BrandAssetTM
Valuator) to consider the value of a brand. However,
given the important role of SFM in facilitating wholesale
and retail trade, these approaches may not be
appropriate. This chapter uses an economic contribution
approach to better reflect the importance and impact of
SFM’s brand.
8.1 Overview of brand
Brand is defined in the international standard for
brand valuation as a marketing-related intangible
asset that may include names, terms, and logos that are
intended to identify goods and create distinctive images
and associations in the minds of stakeholders, thereby
creating economic benefits for the owner
(Brand Finance, 2011).
The concepts of brand equity or brand value are
well established, since firms began to acknowledge
the influence of brands on financial performance in
a period that Interbrand calls the ‘Age of Value’
(Interbrand, 2016). It is now widely accepted that
differentiation through brand is inherently linked to
the price premiums that it can charge in the market,
and the strength and sustainability of consumer
demand for its products, while there are added
benefits in terms of employee engagement and talent
attraction. In Australia, the aggregate value of the top
100 brands is estimated at $127 billion in 2015
(Brand Finance Australia, 2015).
In the changing economy, businesses rely on brand as a
sustainable point of difference from their competitors,
perhaps even more so than the features of their product
and service offerings that can be replicated by others.
The potential benefits that can be delivered by a strong
brand are illustrated in Figure 8.1.

Figure 8.1: Benefits of effective brand management

Ability to command
higher prices
and margins

Generates
advantages in Driving repeat
talent attraction business through
and employee brand loyalty
engagement

Offering internal
focus and clarity

More forgiving
Lending immediate
customers if
credibility to new
business makes
products
mistakes

Embodying a clear
point of difference

Source: Davis (2002)

54
However, as these benefit streams are not always
immediately realised in financial terms, brand is an
intangible asset. There is an international standard
and methodologies for quantifying brand value (ISO,
2010), which are usually used as part of strategic
planning, financial reporting, dispute resolution
and pre-acquisition due diligence.
The concept of branding has now extended to other
areas. The Australian Government, led by Austrade,
has been involved in the Building Brand Australia
initiative. While most associations with Australia are
about spectacular environments and friendly people,
the initiative promotes Australia’s strengths as a place
to do business and invest (Tourism Australia, 2016).
Food and wine are a critical part of developing
Australia’s brand, as demonstrated by Tourism Australia’s
recent ‘Restaurant Australia’ campaign, which focuses
on seven categories: wine, seafood, people, produce,
restaurants, experiences and festivals. As part of its
research, Tourism Australia found that among those
who had visited Australia, 60% associated Australia
with ‘good food and wine’, second only to France.
The research also found that across 15 of Australia’s
key tourism markets, ‘great food, wine and local cuisine’
is now a major factor in holiday destination making,
ranking third (at 38%) ahead of world-class beauty
and natural environments (37%).
8.2 Consideration of brand strength and stature
SFM has a brand that is well recognised by industry
and consumers, which is associated with fresh
seafood and a unique harbourside setting. One way
to consider the attributes of the SFM brand is through
the BrandAssetTM Valuator (BAV) framework.
In the early 1990s, the BAV was developed by Young
& Rubicam to provide a measure of brand value,
integrating various factors contributing to audience
perceptions, and is the basis for the world’s largest
database on brands and their relationship with people.
The value of a brand is a relative measure; that is, an
organisation’s brand value is estimated in comparison
with similar organisations and brands in similar sectors.
While SFM is not currently included on the list of brands
assessed by Young & Rubicam, its framework is used
here to qualitatively discuss its brand attributes.
The BAV measures value on two fronts: strength
and stature. Brand strength comprises the brand’s
differentiation and relevance. Differentiation considers
the uniqueness of the brand’s offerings. As identified
in Chapter 4, SFM is distinctive in its wide range of
consumer choice and variety of fish and seafood
produce, as well as its location, environment and the
experience it provides. The relevance of a brand to its
target audience is the appropriateness of a brand to the
values and needs of its perceiver. The consumer survey
conducted by Deloitte Access Economics measured the
perceived openness and accessibility of SFM to people
‘from all walks of life’, 91% of respondents agreed that
SFM was accessible to all types and classes of people,
of which almost three-quarters strongly agreed. This
indicates high degrees of both differentiation and
relevance, attributes that are vital to a brand’s health.
Brand stature, meanwhile, is measured through a
brand’s esteem and knowledge. Esteem relates to the
emotional connection, respect, loyalty and regard its
perceivers have for the brand. SFM’s brand esteem was
measured through the consumer survey, measuring the
proportion of SFM’s total value that is attributed to the
brand. Across all cohorts, 16% of the total value was
attributed to the SFM brand. Finally, knowledge of a
brand – the familiarity of its audience with its values,
what it delivers and how it behaves – increases a brand’s
stature. The consumer survey revealed that 97% of
respondents had heard of SFM, suggesting very
strong brand awareness and knowledge.
This strong showing across all four pillars of brand
strength – differentiation, relevance, esteem and
knowledge – indicates a healthy brand with potential
for the continual refreshing of perceptions to maintain
public engagement, while maintaining a strong
connection between the SFM brand and its audience,
built on a foundation of loyalty.
The economic and social impact of Sydney Fish Market 55
 8.3 Contribution of the SFM brand
Analysing the contribution of SFM’s brand is
challenging. SFM leases to retailers and wholesalers
on-site and a major focus is on coordinating wholesale
trade through the auction. However its brand is
more closely associated with retail spending on-site.
Therefore while the SFM brand is a significant
factor for both the wholesale and retail operations,
which occur separately but in association with the
SFM entity, a single corporate entity brand valuation
(such using the ISO or BAV methodologies) may
not be appropriate.
Instead, we apply a brand contribution study to better
reflect the importance and impact of SFM’s brand. This
section considers whether brand contributes to retail
expenditure at the SFM site, and SFM’s wider economic
and social benefits. It then applies a ratio obtained
from the consumer survey, which reflects respondents’
attribution of their visit or intention to visit to SFM’s
reputation and brand.
Drawing on findings from the consumer survey, it is
reasonable to assume that SFM’s brand contributes
to retail spending at the SFM site. Retail spending
on-site is estimated to be $195 million per year (SFM
advice). In the consumer survey, visitors to SFM were
asked to apportion their reasons for visiting. They
attributed 16% of their reason for visiting to SFM’s
reputation and brand. Tourism Australia (2010) has
also identified SFM, its cooking classes and fresh
local produce as ‘uniquely Australian’.
Fresh and cooked fish and seafood purchased from
SFM will, to some degree, carry with it the positive
association of SFM. This is not however an exclusive
association, as a consumer will also associate the
product with it its other attributes, such as where it
was caught, or the retail shop of purchase.
56
Brand can also contribute to the benefits consumers
receive from the unique market experience that SFM
provides. In section 5.1, these benefits were estimated
to be between $109 million to $153 million per year (an
average of around $131 million per year). SFM is the
largest of its kind in the southern hemisphere and offers
locals and tourists a unique experience to visit a working
fish market. The consumer survey found that more
than three-quarters of visitors stated they prefer SFM to
other places to buy fish in terms of providing a market
experience.
Strength and stature of the SFM brand is an intrinsic
component of existence value, driving the value placed
on SFM by non-users. For example, if SFM’s reputation
was to increase, the option for non-users to visit would
also increase and SFM would become a more desirable
destination to visit. In Chapter 6, the existence value of
SFM was estimated to be about $25 million per year.
Restaurateurs and seafood retailers are also likely to
associate seafood from SFM to be fresh and of a high
quality. However, the end-consumer who purchases
fish from these sources is unlikely to be aware that fish
came through SFM. Therefore it is difficult to link the
SFM brand with its wholesale trade. Similarly, consumers
of seafood retailers outside the SFM site who purchase
uncommon or rare species of fish are unlikely to be
aware that the fish came through SFM. Therefore brand
is not considered to contribute to consumer benefits of
choice and variety.
While SFM draws visitors to NSW as an iconic
destination, there is no direct link between SFM’s
brand and the total spending of these tourists on their
trip. Therefore, brand is not considered to contribute
to SFM’s tourism benefits.
The consumer survey assessed the proportion of
total value that the respondent attributed to SFM’s
reputation and brand. Respondents across all cohorts
attributed 16% of their total reason to visit or intention
to visit to SFM’s reputation and brand. This ratio can
be applied to revenue generated by retail tenants, who
derive a benefit from the SFM brand by association
(approximately $195 million per year). The contribution
of brand to on-site retail spending is estimated to
be around $32 million. If the current market only
existed in terms of the operations and logistics, without
SFM’s brand and reputation which have been built over
many decades, the value of SFM’s retail spend would be
significantly lower.
It is also possible to extend the brand contribution
more widely. By applying the ratio of 16%, brand may
also contribute:
• Around $21 million to the consumer benefits of a
unique market experience
• Around $4 million to the existence value of SFM.
These figures indicate the importance of brand in
understanding the value of the SFM. The estimate of
the economic and social contribution of the brand is
greater in magnitude to the estimate of the institution’s
role in lifting industry productivity and its direct and
indirect value add. Brand is an important part of the
overall SFM story.
SFM also contributes to Sydney’s brand. Sydney is
Australia’s leading tourism and events destination that
attracts more international visitors than any other state
(Destination NSW, 2016). The city has a reputation
of being one of the world’s great dining destinations
and is known for its fresh food and wine, an outdoor
and urban lifestyle, and cultural experiences. SFM is an
integral part of this image by providing fresh produce,
a vibrant outdoor dining experience and harbour views.
The economic and social impact of Sydney Fish Market 57
 References

Australian Fisheries Management Authority 2014, ‘National Seafood Industry Leadership Program’, News, 6 January,
Australian Government, Available at: http://www.afma.gov.au/national-seafood-industry-leadership-program-2/

Australian Seafood Cooperative Research Centre (CRC) 2010, ‘Understanding the Consumer Opportunity’, prepared
for the Australian Prawn Farmers Association, December.

Australian Seafood Cooperative Research Centre 2013, ‘Ciguatera Fish Poisoning -Fact Sheet’, Available at: http://
safefish.com.au/wp-content/uploads/2013/03/Seafood-News-Ciguatera-Poisoning.pdf.

Australian Taxation Office 2015, Fish and Seafood Retailing – performance benchmarks, 2012-13.

Australian Workforce and Productivity Agency 2013, ‘Human capital and productivity literature review’,
Commonwealth of Australia, March, Available at: https://docs.education.gov.au/system/files/doc/other/human-
capital-and-productivity-literature-review-march-2013.pdf.

Brand Finance 2015, ‘Australia 100 2015: The annual report on Australia’s most valuable brands.

2011, ‘Overview of ISO 10668: Brand Valuation: Requirements for monetary brand valuation’,10 August 2010.

Brynjolfsson, E., Smith, M. and Hu, Y. 2003, ‘Consumer Surplus in the Digital Economy: Estimating the Value of
Increased Product Variety at Online Booksellers’, Management Science, 49(11): 1580–1596.

Calogeras, C., Mayze, J. and Poole, S 2012, ‘Using Industry Expertise to Build a National Scheme for Grading of Live
Mud Crabs’, Developing the Australian Industry Live Mud Crab Grading Scheme, prepared on behalf of Fisheries
Research and Development Corporation (FRDC) and C-AID Consultants, January, Available at: http://frdc.com.au/
research/Final_Reports/2011-225-DLD.pdf.

Davis, 2002, ‘Brand asset management: driving profitable growth through your brands’, September 2002,
Jossey-Boss.

Destination NSW 2016, ‘Marketing Sydney’, NSW Government, Available at: http://www.destinationnsw.com.au/
tourism/marketing-overview/marketing-sydney.

2015, Sydney Fish Market Visitor Profile, year ended September 2015.

Frontier Economics 2008, ‘Economic study of the consumer benefits of eBay’, Available at: http://ec.europa.eu/
competition/sectors/media/ebay_frontier_report.pdf.

Future Directions International 2014, ‘Australia’s Food Export Outlook’, Strategic Analysis Paper, 6 November,
Available at: http://www.futuredirections.org.au/files/sap/FDI_Strategic_Analysis_Paper_Australias_Food_Export_
Outlook.pdf.

Green, F. 2006, ‘Non-Certified learning and Skills: Incidence in the UK’, Variation across Countries and Links
to Productivity, Department of Trade and Industry.

IBISWorld 2015a, ‘Fish and Seafood Wholesaling in Australia’, Industry Report F3604, October.

2015b, ‘Seafood Retailing in Australia’, Industry Report OD5490, August.

2015c, ‘Fish and Chip Shops in Australia’, Industry Report OD5499, July.

2015d, ‘Restaurants in Australia’, Industry Report H4511a, July.

Interbrand 2016, ‘The four ages of branding’, accessed 14 February 2016,

58
<interbrand.com/views/the-four-ages-of-branding.com>

ISO 2010, ISO 106680 standard – brand valuation.

Lancaster, K. 1990, ‘The economics of product variety’, Marketing Science, 9, 189-206.

National Seafood Industry Alliance 2015, ‘Seafood for Australia’, Available at: http://www.seafoodforaustralia.com.
au/seafood_for_australia/seafood_for_australia.phtml.

NSW Department of Education 2006, ‘FoodTech High School – Sample Teaching Program’, Stage 6 HSC Course,
Available at: http://webcache.googleusercontent.com/search?q=cache:EQRKqBqOvZcJ:www.curriculumsupport.
education.nsw.gov.au/secondary/technology/11_12/food/ft_hsc_prog.doc+&cd=2&hl=en&ct=clnk&gl=au.

Smith, A. 2001, ‘Return on Investment in Training’, Australian National Centre for Vocational and
Educational Research.

Sydney Fish Market 2015a, ‘Annual Report 2015’, Available at: http://www.sydneyfishmarket.com.au/Portals/0/
SFM_2015%20ANNUAL%20REPORT_WEB.pdf.

2015b, ‘Sydney Fish Market Business Case Update, prepared by The Stafford Group, December.

2013, ‘Seafood Handling Guidelines’, Available at: http://www.sydneyfishmarket.com.au/Portals/0/PDF/

seafoodhandlingguidelines.pdf.

Tollens 1997, ‘Wholesale markets in African cities’, Available at: http://www.fao.org/3/a-ab790e.pdf.

Tourism Australia 2016, ‘Building Brand Australia’, accessed 16 February 2016, http://www.tourism.australia.com/
about-us/bringing-the-brand-to-life.aspx.

2015, ‘Food and Wine’, Snapshot, November, available at: http://www.tourism.australia.com/campaigns/

Food-Wine.aspx#strategy.

2014, ‘Restaurant Australia – Why it’s time to share our food and wine with the world’, May, Available at: http://
www.tourism.australia.com/documents/Campaigns/Restaurant-Australia-May-2014.pdf

2010, ‘Markets’, News & Media, 27 October, Available at: http://www.tourism.australia.com/story-ideas/food-

and-wine-1759.aspx.

Tourism Research Australia (TRA) 2015, ‘Domestic Overnight Travel’, Travel to Sydney – Year ended June 2015,
prepared for Destination NSW, Available at: http://www.destinationnsw.com.au/wp-content/uploads/2014/04/
Sydney-YE-Jun-15.pdf.

Victorian Department of Transport 2012, ‘Job density - productivity and the role of transport’, Available at: http://
www.dtpli.vic.gov.au/__data/assets/pdf_file/0018/235251/57-Job-density-productivity-and-the-role-of-transport.pdf.

Woolcott (2015), Sydney Fish market Tracking. Quarterly report, June 2015.

The economic and social impact of Sydney Fish Market 59

Contacts

John O’Mahony Kathleen Chua

Partner Manager
Deloitte Access Economics Deloitte Access Economics
+61 2 9322 7877 +61 2 9322 3212
joomahony@deloitte.com.au katchua@deloitte.com.au

Ric Simes Michelle Mountford

Consultant Manager
Deloitte Access Economics Deloitte Access Economics
+61 2 9322 7772 +61 2 9322 7146
rsimes@deloitte.com.au mmountford@deloitte.com.au

Contact us
Deloitte Access Economics
ACN: 149 633 116

Grosvenor Place
225 George Street
Sydney NSW 2000
Australia

Tel: +61 2 9322 7000

Fax: +61 2 9322 7001

www.deloitteaccesseconomics.com.au

Deloitte Access Economics is Australia’s pre-eminent economics advisory practice and a member of Deloitte’s global economics
group. For more information, please visit our website www.deloitteaccesseconomics.com.au
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of
member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description
of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a
globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise
to help clients succeed wherever they operate. Deloitte’s approximately 200,000 professionals are committed to becoming the standard
of excellence.
About Deloitte Australia
In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services
firms. Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000
people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources
programs, we are dedicated to helping our clients and our people excel. For more information, please visit our web site at
www.deloitte.com.au.
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Touche Tohmatsu Limited
© 2016 Deloitte Access Economics Pty Ltd
MCBD_HYD_06/16_053002