Fisheries resources are managed for biological, economic and social purposes or objectives. Recommendations made at the Advisory Committee (MACs and FACs) level have significant economic implications for key stakeholders and for the wider community who have an interest in the returns gained from resource utility.

The current low level of understanding of fisheries resource economics amongst those in decision-making roles precludes the capacity to integrate economic parameters and indicators into assessment and decision-making processes. This generates lost opportunity in current management and is a barrier to the development of economic targets for fisheries and the selection of optimal fisheries management & harvest systems.

A recently completed FRDC report, ‘Evaluating the Performance of Australian Marine Capture Fisheries’ (2009), examined the performance of Australian marine capture fisheries and found a massive gap between actual and potential performance. The same project identified the need for more strategic management as the highest priority in closing this gap, which is targeted through this project.

Increasing the understanding of fisheries resource economics amongst members of MACs and FACs is therefore considered necessary to assist the uptake of management tools that would enhance the economic performance of wild-catch fisheries (AFMA, 2007: Economics in Commonwealth fisheries management - Workshop final report, 2 March 2007, Canberra). Most significantly, increasing the understanding of fisheries resource economics principles will support the achievement of Future Harvest outcomes.

The target audiences for the Future Harvest Master Class includes fisheries managers, advising fisheries biologists, & industry representatives associated with key CRC partner investors in the Future Harvest business theme. Specificially, the Master Classes will be offered to members of those MACs or FACs which advise on those fisheries of interest to the key CRC partner investors.