WAFIC and DPIRD are seeking an improved understanding of the methods available for valuing fishery access rights, their relative advantages and disadvantages, and more specifically which methods would be most relevant and appropriate for Western Australia’s small-scale fisheries. This is to better ensure that future compensation schemes better meet their objectives while also building increased certainty and confidence for industry and the holders of access rights, which ultimately supports improved resource security.
Our proposed approach draws on relevant literature and consultation with both government and fishery stakeholders (including fishers, investors, and brokers) to understand the range of approaches applied to valuing commercial fishing rights and their relative advantages and disadvantages. We will then define some key evaluation criteria that define what an appropriate compensation method is and then assess identified methods against these criteria. This evaluation will also consider how the applicability of methods may vary for different fishery types and circumstances.
The end outcome will be identification of the most appropriate valuation methods for the development of future compensation schemes for different fishery types, with a particular focus on small-scale fisheries. This advice will be developed to be readily adopted and applied by in relevant legislation and/or policy instruments.