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.
These proposed changes will benefit 235 oyster aquaculture businesses, operating 2,421 aquaculture leases in 18 Local Government Areas along the NSW coast with many leases in Port Macquarie, Central Coast, Mid North Coast, Bega, Eurobodalla, Port Stephens and Shoalhaven.
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.
The shorter-term leases have historically proven to be an impediment to accessing financial investment and have constrained growth.
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.
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