A new report has valued the Great Barrier Reef at $56 billion and warns of vast economic consequences for Australia unless more is done to protect it.

The Deloitte Access Economics report says the World Heritage-listed icon underpins 64,000 direct and indirect jobs, and contributes $6.4 billion to the national economy each year. But without ramped-up protection efforts, it warns much of that could be at risk as the reef suffers from repeated mass coral bleaching events,…