Final answer:
The Great Barrier Reef is located in the Coral Sea off the northeastern coast of Australia and is known for its significant biodiversity and importance to the Australian economy through tourism.
Step-by-step explanation:
The Great Barrier Reef is indeed a natural wonder akin to the size of Italy and it is located in the Coral Sea off the coast of Australia. This extensive reef system is a marvel of biodiversity and also serves as a significant attraction for the tourism industry in Australia. It is renowned for its marine life, including various species of fish and corals. As a United Nations World Heritage Site, it is recognized for its unique ecological importance and natural beauty. The Great Barrier Reef, apart from being an ecological treasure, has significant economic value, contributing to the Australian economy through the tourism industry, particularly in places like the Gold Coast near Brisbane.