Under proposed amendments to the Fisheries Management Act 1994 before the NSW Parliament, aquaculture lease terms will double from 15 to 30 years, giving businesses greater certainty to invest, innovate and plan for the long term.
The Government says the proposed changes will benefit 235 oyster aquaculture businesses, operating 2,421 aquaculture leases in 18 Local Government Areas along the NSW coast with the most leases in Mid North Coast, then Bega, Eurobodalla, Port Stephens, Port Macquarie, Central Coast and Shoalhaven.
It says the proposed changes respond to long-standing calls from industry to deliver this reform so they can better engage with financial institutions and secure investment for operational expansions and enhancements that then lead to more productivity, jobs and local economic benefits.
Minister for Agriculture, Regional NSW and Western NSW, Tara Moriarty said the shorter-term leases have historically proven to be an impediment to accessing financial investment and have constrained growth.
“These reforms are about backing our aquaculture industry to grow, invest and create jobs in regional NSW,” said Ms Moriarty.
“Doubling lease terms gives businesses the certainty they need to plan for the future and invest in modern, sustainable operations.
“It’s imperative that we move quickly to deliver this significant improvement for the industry.”
The Bill before Parliament will also introduce stronger penalties to deter the theft of aquaculture stock and infrastructure, which is an ongoing issue impacting operators and undermining legitimate businesses.
Maximum penalties will be increased to up to $22,000 for an individual for a first offence, or up to $44,000 for repeat offenders.
These tougher penalties will protect aquaculture farmers from criminal activity, help combat black-market seafood trade and strengthen confidence across the industry.
“The Bill will deliver stronger penalties to protect hardworking farming families and businesses by targeting those who steal stock or damage infrastructure,” said Minister Moriarty.
“We’re building a more stable, competitive aquaculture sector that can continue to thrive and deliver both for regional economies, and food for Australian tables.”
The amendments form part of a broader package to modernise fisheries legislation, support sustainable resource management and ensure the long-term growth of the seafood industry.
