There has been much written on the theoretical merits and practical implementation of ITQs from a regulators/managers perspective(eg. Kaufman et al. 1999), but virtually nothing has been published specifically directed at fishers to help them understand what the implementation of ITQs means to their fishery and importantly, how their businesses can operate under ITQs and adjust to remain healthy and profitable.

The few "guides" that are available, such as as "The Fishermen’s Guide to the Quota Management System" (Boyle 1993) explain the technical compliance and management requirements for New Zealand fisheries and others such as Fisheries Management Paper No 138 (Donohue and Barker, 2000) review information and potential pros and cons of quota management. None, however are targetted at, and written for small and medium sized fishery businesses and nor do they explain how these business can adapt and thrive under ITQ management.

It is well known that fishers can take a significant amount of time to accept the move to ITQs and then even longer to operate efficiently and effectively within this management environment. The WA rock lobster fishery and the Commonwealth's northern prawn fishery are two of Australia's most valuable fisheries, both of which are currently in the throes of moving to ITQ management. A number of fisheries in the Northern Territory are also moving to ITQs. In many cases, industry members are resistant to this change and are very concerned about how their businesses need to change under such a management regime.

What is needed is an easy to use comprehensive guide to understanding ITQ management which includes information and guidance on how to best adjust and adapt their businesses to operate efficiently and profitably. This project offers to produce such a guide.

The Patagonian toothfish fishery is expanding worldwide and it may play a pivotal role in the development of an Australian fishing industry in the Southern Ocean. The recommended TAC for toothfish in other Southern Ocean regions was revised upwards by the 1996 CCAMLR scientific committee. For example, in the CCAMLR area 58.5.2 (primarily the AFZ around Heard and McDonald Islands) a TAC of 3800 metric tonnes of toothfish was set. As a result considerable national and international interest in the fishery is expected.

Given the conservation value of Macquarie Island it is expected that operation of the fishery will be closely scrutinised -- the scrutiny is already clear at the national ( MACSAG, AFMA, DPIE and conservation groups) level. Development of the Macquarie Island fishery provides a great opportunity as a demonstration project to illustrate that fishery development can be achieved while protecting conservation values -- a demonstration of Ecologically Sustainable Development in action. Furthermore, much of what will be learnt will also be relevant to the emerging Heard Island toothfish fishery.

To date little research has been done to establish the basic biological parameters of the toothfish necessary to develop sound management policies. As recognised by both the Macquarie Island Fish Stock Assessment Group and the Sub-Antarctic Ecosystem Assessment Group there is a real need to develop a comprehensive program of research which not only addresses basic biological parameters such as age and stock structure, but also examines the distribution and abundance of this species so that effective management of the fishery can proceed. As the Macquarie Island area is likely to be sensitive to possible ecosystem changes brought about by a developing fishery, there is also a need to understand where toothfish 'fit into' the broader offshore Macquarie Island ecosystem, and likely ecosystem effects.