Restructuring the Tasmanian rock-lobster fishery - the effect of two years of management under individual transferable quotas

Individual transferable quotas were successfully introduced into the Tasmanian rock-lobster fishery in 1998. In the two years since, significant industry restructuring has occurred. The move to quota management was intended to meet two key objectives: to reduce the catch to a sustainable level, allowing the stock to rebuild, and to provide a mechanism whereby the industry could achieve economic sustainability. The quota system has achieved early results on both the sustainability and restructuring objectives and is now well accepted and supported by the vast majority of fishers and licence holders. Its effect has been to reduce fishing effort by 29% and number of fishing vessels by 23%, and the reduction in catch has resulted in a 6% increase in the estimated biomass and substantial increases in egg production after one year. Fishers now spend fewer days at sea, and catch rates are improving. These changes are reducing fishing costs, which in time should increase profitability. Social costs of introducing quotas are that fewer fishers are employed on vessels and that fishers now find it harder and more expensive to lease a fishing licence. These costs must be factored into any assessment of the industry.