New era for commercial fishing begins today

A new era in commercial fishing begins today with the start of a scheme giving commercial fishers long-term security.

From today all of the State's major commercial fisheries will be added to the list of Share Management Fisheries under the State's Fisheries Management Act.

The win for commercial fishers is that it guarantees their fishing rights - literally giving them a share in their own fisheries.

It is a boost for them, but also for the environment because it will help to make commercial fisheries more viable.

Under the scheme the fishing industry will have a major role in deciding how their fisheries are managed.

The long-term security of shares will encourage them to make decisions that ensure the future sustainability of fisheries.

Shares are the most secure fishing rights in Australia. Fishers will be able to plan for the future, borrow money from banks (which can record their interest on the share register), and sell their shares when they leave the industry.

The scheme is an exciting step forward for the State's seafood industry, worth over half a billion dollars to the State economy.

Share management was introduced to the abalone and lobster commercial fisheries in 1995, with the remaining major fisheries managed under a restricted fishery scheme with annually renewable licences.

From today, the share management scheme will be extended to the ocean trawl, ocean hauling, estuary prawn trawl, estuary general, and ocean trap and line fisheries.

The next step is to finalise the criteria for share allocation and call for share applications in coming weeks.