Red tape reduced for Australian fishing industry

The Australian fishing industry is likely to experience a boost to profitability and more export opportunities, after the Australian Fisheries Management Authority (AFMA) announced a measure to cut down on red tape.

Regulatory reduction

Seven initiatives to streamline processes in the industry have been rolled out to date, with a further 18 currently in the consultation phase or in the process of being implemented.

"The regulatory reduction work of AFMA is having a positive impact on the fishing industry, with many initiatives already implemented, including those to streamline permit conditions, automate or simplify licensing procedures and improvements to AFMA's online licensing website 'GoFish'," explained Parliamentary Secretary to the Minister for Agriculture Senator Richard Colb??€‹eck.

The sector will still be stringently regulated but it is hoped that Australian fisheries will now be able to operate without the burden of heavy-handed constraints. This will go some way to ensure that the long-term interests of the industry are secure - a priority for the government.

"Our number one priority remains the sustainability of our fisheries and ensuring a good supply of fresh seafood for current and future generations. This does not need to come at an unnecessary cost to industry," Senator Colbeck said.

Economic value of fisheries

The economic value of fisheries cannot be underplayed.

According to statistics from the Department of Agriculture, the gross value of commercial fish farms and wild-catch enterprises across the country is $2.4 billion annually. Farmed salmon in its own right is worth close to half a billion dollars, proving the biggest share of the total value of aquaculture production.

Fisheries may seem far removed from the typical crop plantation or cattle farm, but their interests should be protected as much as any other field within the wider farming sector.

To that end, Elders Insurance can offer farm insurance policies which can be tailored to meet individual needs, regardless of the focus within Australian agriculture.