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Time to go to market: fishing reforms on track

NSW Minister for Primary Industries, Niall Blair today announced that the commercial fishing reforms are on track, as the subsidised share trading market opens this week.

Mr Blair said the subsidised share trading market would open tomorrow morning, Monday 1 May at 9am.

“We are on the cusp of a new era for our State’s commercial fishing industry, with reforms to improve the industry and ensure it is robust, economically viable and sustainable,” Mr Blair said

“These reforms introduce linkages between shares and catch or effort and will give fishers the ability to invest in their businesses with more certainty than ever before.

“Registered fishers will be able to log on tomorrow, and we encourage them to get in and bid early.

“Fishers have participated in a series of workshops along the NSW coast in order to help prepare them for this market.”

The NSW Government’s $16 million Business Adjustment Program means that generous subsidies are available to allow fishers to buy and sell shares, as they need.

Fishers who wish to exit the industry will be able to sell all their shares and be eligible for a fishing business buyout. 

Mr Blair said this is one of the most important reforms in the history of commercial fishing and the industry knows it must change.

 

“We received more than 505 registrations, representing nearly 70% of available shares - commercial fishers should now be prepared to move forward,” Mr Blair said.

“There will still be time for fishers to buy, sell and lease shares before December when the linkages kick in.”

The Business Adjustment Program hotline will assist fishers with questions on 1300 726 488.

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