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.

Much effort has been placed over the last couple of decades on the development of harvest strategies, stock assessments, risk assessments and the strategic use of ecosystem models to facilitate meeting the needs of the Commonwealth’s Harvest Strategy Policy. A focus on modelling to improve fisheries management has required effort towards method development. However, little effort has been made towards revisiting and updating the biological parameters that fundamentally underpin such modelling (e.g. growth rates, age and size at maturity, natural mortality rates, dietary information, mixing rates and stock structure) and the tools or methods used to derive them. As a result, most models now rely on parameters and community dietary data derived from information collected during the 1970s-1990s, (e.g. available maturity ogives for blue-eye trevalla are over 20 years old), or information that is borrowed from other regions or species. Whether such old or borrowed values are now representative for commercial Australian fish species is unknown but many factors point to major changes occurring in our marine environment. Australian waters in the south east and south west are climate hotspots and, overall, Australian waters have warmed faster than the global average. Key components of the productivity of marine fish (growth, maturity, and recruitment) are expected to be undergoing directional changes under a changing climate and it is entirely possible that there have been changes in fundamental productivity parameters for some Australian stocks. The reliance of current assessments on what is likely to be out-of-date information leads to increased uncertainty, which propagates into management decisions. Without an understanding of any changes in biological parameters and how any change might impact assessment frameworks, determining whether current management measures are ensuring sustainability becomes highly uncertain.