According to ABARE’s latest report on the effects of the fishery entitlement buyback the profitability has improved in three key Commonwealth fisheries. It was the positive effect of the Securing Our Fishing Future structural adjustment package in November 2006. ABARE deputy executive director Paul Morris has released this report, “Impact of the structural adjustment package on the profitability of Commonwealth fisheries”.
As per the report there is good effect of profitability of the $149 million fishery concession buyback component of the Securing Our Fishing Future structural adjustment package. The package was designed to assist fishing businesses to voluntarily exit the industry, after years of low profitability, and allow fishing stocks to rebuild.
The report states that fisheries targeted for exit assistance were the northern prawn fishery, the eastern tuna and billfish fishery and the Commonwealth trawl and gillnet, hook and trap sectors of the southern and eastern scalefish and shark fishery. Morris told that through the removal of less efficient and less profitable vessels, fishery cost structures have changed so catches are now taken at lower cost for all target fisheries.
The report notes the importance of good fishery management in the creation and preservation of fishery profits. Morris added that fisheries buybacks should not be considered stand-alone management tools. Much of what can be achieved through buybacks can also be achieved through good management of fisheries resources.
