Tony Abbott's boat buyback scheme

The Coalition has announced a 'boat buyback scheme,' where they buy fishing boats that might be used for people smuggling. The idea being that Australia can't be destroyed by leeching, terrorist boat people if Abbott has cleverly foiled them by buying all their means of transportation.
According to what the Food and Agricultural Organisation announced in 2004, that means that he will have to buy 726,000 fishing boats. It is presumably even more today, than in 2004.
Plus they'll have to continuously buy boats indefinitely for as long as boats are being built so that people smugglers can't use any recently manufactured boats.
HOW MUCH IS THIS GOING TO COST???!!!
The irony here is that when Tony Abbott accuses Labor of reckless spending, he frequently and consistently describes them as 'spending like drunken sailors.'

Abbott quote - "Everyone knows that this is a government which has been spending like a drunken sailor.'' Doorstop interview Salt Creek, SA, April 29, 2013

After repeatedly making many different variations of that statement, not only is Abbott spending a huge amount of money on an, ineffective, unnecessary plan, but he's spending it on SAILING vessels! This plan literally looks like it could have been implemented by a drunken sailor.
But even that might be giving this plan too much credit, because a sailor would have to be REALLY drunk to buy 726,000 fishing boats!


Where's my sailing outfit? I'm drunk.