Louise Pratt (WA, Australian Labor Party, Shadow Assistant Minister for Manufacturing) Share this | Hansard source

This evening Labor supports this motion calling for an inquiry into the fisheries quota system. We note that Australia's federal fisheries regulatory framework is indeed world-leading in ecologically sustainable fisheries management practices. The current regulatory framework under the Commonwealth includes two acts, with additional and complementary requirements, as we know, under the EPBC Act.

Commonwealth fisheries are notably sustainably managed in accordance with the precautionary principle, a requirement that is legislated in the Fishery Management Act and the 2005 ministerial direction which required Commonwealth fisheries to be quota managed. We believe that quota management is generally considered good practice from both a conservation and an economic point of view. We hope this inquiry will assist industry and the regulator to better maintain key commercial stock at ecologically sustainable levels and grow the Australian fisheries industry.