AFMA and economics
AFMA’s role is to ensure fishing in Australian Commonwealth managed fisheries contributes the highest possible benefit to the Australian people. It does this by granting tradable fishing concessions and by regulating the amount that concession holders can catch.
Markets for fishing concessions
In Commonwealth fisheries the main type of fishing concession is the statutory fishing rights. There are a set number of rights per fishery. They can be bought, sold or leased. Over time, the most efficient fishers buy up the rights. This should enable the fisheries as a whole to become more efficient, which helps maximise value from fishing to the Australian public.
Maximum economic yield
Maximum economic yield sets limits catch at a level that aims to maximize profits for the fishery as a whole. The maximum economic yield is a sustainable limit on fishing and is most often set at catch levels below that of maximum sustainable yield. recommended by scientific research. The Commonwealth Harvest Strategy Policy and Guidelines helps AFMA to attain maximum economic yields for Commonwealth fisheries. Fishery specific harvest strategies outline how this is done for each fishery.