Recreational fishers back move to encourage investment in Queensland commercial seafood
Recreational fishers have backed a move to lift warnings that were stifling investment in commercial seafood operations, saying both sectors have been neglected.
For more than a decade, every fishery in the state was subject to an investment warning that indicated regulation changes were on the cards that could affect the financial viability of businesses.
But the Queensland government has removed them, effective immediately, saying 93 per cent of Queensland's fishing stocks had been identified as sustainable.
David Trask, the president of the Queensland Game Fishing Association (QGFA), which represents 21 clubs and about 2,000 anglers, said all forms of fishing had been undervalued.
"The QGFA is happy to support any initiative that the Queensland government wishes to implement that shines a welcome spotlight onto all things fishing," he said.
The two industries have at times clashed over fish populations and the regulations imposed to improve them.
But Mr Trask said both sectors had been pleading for more support and recognition for their economic contribution.
"The QGFA supports appropriately adopted fish stock and fish monitoring and resultant bag limits that flow from proper scientific stock assessments," he said.
"Not knee-jerk reactions as we have all been subjected to in the past."
David Caracciolo founded the Mackay Fish Market on the Great Barrier Reef almost 30 years ago.
He said why the warnings had been left in place for so long was a mystery.
"It's just like buying a house knowing it's going to be demolished in three or four years' time," Mr Caracciolo said.
"Why would you invest in an industry or a fishery if there's a warning saying not to?"
Bundaberg seafood proprietor Paul Grunske said the warnings had caused uncertainty for fishing families and prevented new people from entering the industry.
"Right across Queensland, people have been shying away from buying in or pursuing a career in fishing when there's an investment warning on a fishery," he said.
"Nobody's got any confidence, so to hear that they're finally lifting these sorts of things can only be for the good."
Mr Grunske hoped it was enough to encourage more people to enter the sector.
"It'd be great … to see some young people coming through," he said.
Mr Grunske hoped the amendment signalled the start of further reforms for the sector, including addressing closed fisheries.
Scallop fisheries between Mackay and the Fraser Coast have been closed since 2021 after the spawning biomass dropped to 12 per cent.
There had been promises of a reopening once levels reach 30 per cent, but it was uncertain when the target would be met.
It forced Mr Grunske, who previously relied on local scallops, to import from Japan.
"It has an effect on the broader community because we're not utilising our fisheries resource," he said.
Independent seafood producer Sean McAtamney said the warnings had stifled the once-thriving Gulf fishing industry.
He said the northern fishing and prawn industry's major ports in Karumba and Weipa were in steep decline, having lost more than half of their inshore fisheries in the past 18 months.
"Some of these investment warnings have been in place since 1990, and the industry has always felt that it was completely unnecessary that they've been in place for so long," Mr McAtamney said.
"I hope that we can use this in a positive way to encourage our fishing industry that there is some hope in their legacy.
"Whether it be for their families or investors to come in and invest in our fishing industry and hopefully put some confidence back in, where we can start to see some growth."
Mr McAtamney, who is also a spokesperson for the Gulf of Carpentaria Commercial Fisher Association, said the industry was working with the government to improve sustainability and policy.
"If we don't start to underscore these proteins … mud crab, mackerel, staples of the fish and chip shop sector in Queensland … they're going to become unaffordable for the average person to be able to enjoy them," he said.
He hoped it signalled the government was open to further discussion on other policies, like gill net bans.
"We proudly go to work every night and day to produce this protein, and we certainly don't go to work on the basis that we want to see our fishery not sustainable and not have a future," he said.
"I do hope that the current government remains open-minded to remaining flexible in terms of implementation of potentially reviewing some of those closures."
In Mackay, Mr Caracciolo said, beyond the investment warnings, the gill net issue would also need to be addressed for more fishers to return to profitability.
"I can't see anyone rushing to invest in the industry because, well, we've got no inshore fishery," he said.
"I can't see it increasing a lot of effort into the industry, a lot of enthusiasm at all, or confidence because there's just not a lot there to get enthusiastic about."
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

News.com.au
34 minutes ago
- News.com.au
Scott Power: ASX health stocks fall in ‘lacklustre week'
ASX heath sector falls 1.1% over past five days The US FDA approves CSL's Andembry to prevent attacks of hereditary angioedema Clever Culture systems records its second consecutive quarter of positive cashflow operations Healthcare and life sciences expert Scott Power, who has been a senior analyst with Morgans Financial for 27 years, gives his take on the ASX healthcare sector for the week and his 'Powerplay' stock pick. The ASX healthcare sector has had what Morgans' senior healthcare analyst Scott Power described as a "lacklustre week". At lunchtime on Friday, the S&P/ASX 200 Health Care index (ASX:XHJ) was down 1.1% for the past five days, while the benchmark S&P/ASX 200 (ASX:XJO) fell 0.55% for the same period. Markets have been influenced by global economic and geopolitical concerns, particularly escalating tensions between Iran and Israel. And it seems US President Donald Trump has not backed down from tariffs on pharmaceutical imports. A United States Department of Commerce investigation is underway under Section 232 of the Trade Expansion Act of 1962 – a provision that allows the president to restrict imports if they are deemed a threat to national security. Returning from the G7 Summit in Canada Trump reportedly told media on Air Force One tariffs on the sector were coming. "We're going to be doing pharmaceuticals very soon," he said. "That's going to bring all the companies back into America... at least partially back in." Power said Trump's latest comments were adding further jitters to the sector. "Until we get clarity there's going to be volatility," he said. Power's Powerplay – CSL gets FDA approval for Andembry The ASX's largest healthcare stock CSL (ASX:CSL) has notched a milestone with the FDA approving its Andembry (garadacimab) to prevent attacks of hereditary angioedema (HAE). Affecting about one in 50,000 people CSL said HAE was the first and only treatment targeting factor XIIa for prophylactic use to provide sustained protection from attacks of HAE in adult and pediatric patients aged 12 years and older. The approval was based on a pivotal phase III (VANGUARD) trial and ongoing open-label extension study, showing Andembry reduced the median number of HAE attacks by more than 99% (mean 89.2%), compared to placebo. Andembry is also the only treatment to offer once-monthly dosing from the start for all patients and is administered via an autoinjector. The drug is already available in Australia, the UK, EU, Japan, Switzerland and UAE. CSL said Andembry will be launched "immediately", with availability through third-party specialty pharmacy network before the end of June. In a note to clients, Morgans' healthcare analyst Derek Jellinek wrote that while Andembry's US approval had taken longer than expected, with application filing in December '24, it's good to see the drug greenlit before the end of '25 "despite the ongoing tumultuous environment" at the US Food and Drug Administration at the agency. "We view Andembry's unique MOA (ie upstream inhibition of key pathways leading to HAE attacks, so broader applicability), favourable safety profile and convenient dosing (every 4 weeks via subcutaneous injection) as key differentiators," Jellinek wrote. While Andembry is expected to impact Berinert sales – CSL's treatment for acute HAE attacks – Jellinek believes the effect should be modest. He wrote Berinert's revenue was forecast to remain steady in FY25 at US$242 million, accounting for less than 2% of CSL's total revenue. Sales are projected to ease slightly to US$230m in FY26 and US$225 million in FY27. However, this is more than compensated by anticipated growth in Andembry sales, which are expected to reach US$120m in FY26 and increase to US$220m in FY27. Morgans has an add rating on CSL and 12-month target price of $329.26. Clever Culture Systems delivers clever Q3 FY25 result Clever Culture Systems (ASX:CC5) has achieved its second consecutive quarter of positive cashflow operations with $500,000 net cash inflow in Q3 FY25 and is on track to achieve break-even or better for H2 FY25. During the quarter Clever Culture continued to execute on its commercialisation strategy for its APAS Independence instruments in the pharmaceutical market, building on success with big pharma companies Astra Zeneca and Bristol Myers Squibb (BMS). The instruments use artificial intelligence and machine learning software to automate the imaging, analysis and interpretation of microbiology culture plates. Since launching the product in March 2024, Clever Culture said it had completed sales and received orders from pharmaceutical customers for 13 APAS instruments, representing ~$6 million in revenue with a pipeline of 40 qualified opportunities. Clever Culture finished Q3 FY25 with a cash position of $2.2m. "Other top 10 pharmaceutical companies are expected to engage with CC5 following the AstraZeneca and Bristol Myers Squibb success," Power said. Emvision awarded $5 million government grant EMVision Medical Devices (ASX:EMV) has been awarded a $5 million federal government grant to further development of its First Responder portable brain scanner. The funds are by way of an Australian government Industry Growth Program (IGP) Commercialisation and Growth Grant. First Responder is EMVision's second product and distinguishes between bleed and clot strokes at the scene and is designed to be used by ambulances and by paramedics. The device should shorten diagnosis time, a crucial element in the patient getting the right treatment. EMVision's first commercial device – the emu bedside brain scanner – is also designed to rapidly diagnose stroke at the point-of-care with a pivotal trial underway to supports US Food and Drug Administration (FDA) de novo (new device) clearance. Audeara hits record, Micro-X gets milestone payment boost In other news of the week, specialist in listening solutions for people with hearing challenges Audeara (ASX:AUA) has delivered record revenue exceeding $3.64 million for the 11 months to end of May FY25. Audeara reported revenue for the 11-month period was up 14% on FY24 total revenue and 25% on FY23, which the company said signalled underlying strength of its ongoing operations. The company expects additional growth to materialise in coming weeks based on strong June 2025 trading. And leader in cold cathode x-ray technology for health and security markets Micro-X (ASX:MX1) has received $2.3 million in milestone payments for two projects. MicroX achieved milestone three under its development agreement with US Advanced Research Projects Agency for Health (ARPA-H) and Department of Homeland Security (DHS) for a full body CT scanner, delivering $1.4 million. The company also achieved milestone two under a strategic partnership deal with Billion Prima for a baggage and parcel scanning unit due for completion in 2025, delivering $900,000. "We are pleased to continue to deliver strong progress on these key development contracts with ARPA-H, DHS, and Billion Prima respectively, which is a testament to our focus and timely delivery on key projects," Micro-X CEO Kingsley Hall said. "We are also well advanced with the final stages of our Head CT development as we prepare to enter human imaging trials." The views, information, or opinions expressed in the interview in this article are solely those of the interviewee and do not represent the views of Stockhead. Stockhead has not provided, endorsed or otherwise assumed responsibility for any financial product advice contained in this article. At Stockhead, we tell it like it is. While Clever Culture Systems, Audeara and EMVision are Stockhead advertisers, the companies did not sponsor this article.

News.com.au
34 minutes ago
- News.com.au
Penny Wong stresses AUKUS ‘benefits' in call with Marco Rubio
The country's chief diplomat has stressed the 'benefits' of AUKUS in a call with US State Secretary Marco Rubio amid concerns Washington could be looking to pull out of the defence pact. The US Department of Defence earlier this month announced it was reviewing AUKUS to ensure it aligned with Donald Trump's 'American first' agenda. The Albanese government has brushed off concerns the 30-day audit signalled waning US support for the deal with Australia and the UK, with Deputy Prime Minister Richard Marles repeatedly calling it a 'natural' move. But with AUKUS the centrepiece of Australia's defence strategy over the first half of this century and Anthony Albanese yet to secure a face-to-face with the US President, it has offered little reassurance. Foreign Minister Penny Wong said on Friday she and her US counterpart discussed 'the importance of our partnership to stability, peace and prosperity in the Indo-Pacific'. 'I have outlined … the benefits to all countries, all three countries of the AUKUS agreement – an agreement which I think is so important for strategic balance in the region,' Senator Wong told reporters in Adelaide. 'That means protecting peace, preventing conflict, and assuring prosperity and security for all countries. 'I've also outlined, just as the Prime Minister has, the near-term benefits to the United States, including additional maintenance days and more days in the water for more submarines.' She refused to give a read on whether Mr Rubio backed the deal, only saying that 'he's on record as understanding the importance of AUKUS'. 'But obviously we'll work through the review with the United States,' Senator Wong said. 'It's unsurprising that they would engage in a review just as the United Kingdom did.' Canberra has already spent billions laying the groundwork to acquire and build nuclear-powered submarines and train personnel to crew them under AUKUS. Washington has committed to supply up to five Virginia-class submarines starting in 2032. But sluggish submarine production has put the US on track to face a shortage early next decade. Mr Trump can renege on AUKUS commitments if they endanger US national security. To help bolster production, Australia has agreed to inject $4.6bn into the US defence industrial base.

News.com.au
37 minutes ago
- News.com.au
NAB announces second rate cut for savers in a month
NAB has become the latest bank to move on interest rates, cutting the rate of one of its more popular savings accounts. NAB has announced its Reward Savers account has fallen by 0.05 per cent for a new maximum rate of 4.35 per cent, in the second cut in less than a month. It follows a 25 basis points rate reduction on May 23 in line with the Reserve Bank of Australia's official interest rate reductions. Account holders with NAB's Reward Savers will now get a 30 basis point reduction on their money held in the account. Canstar data insights director Sally Tindall described it as a small blow for savers who are already watching their returns slip away. 'It shows that banks don't need a cash rate change to move the goalposts for customers. It's a small move but a disappointing one nevertheless,' she said. According to Canstar, NAB is not the only bank moving on rates, with Australians now having just six banks offering at least one ongoing savings rate above 5 per cent including some young adult accounts and excluding those for children. 'While the average savings rate on our database is an uninspiring 3.07 per cent, there are six banks still offering an ongoing savings rate of 5 per cent or more,' Ms Tindall said. While each of the savings accounts comes with terms and conditions, including deposits and transactions, BOQ Future Super, BCU Bank Boss, P & N Bank Savvy Savers, MOVE Bank Growth Saver and ING Savings Maximiser all still offer rates above 5 per cent. Westpac Life Spend and Save also offers younger Aussies a 5 per cent savings rate, but comes with the major caveat of being for those aged 18 to 29. Ms Tindall warned if the Reserve Bank cuts the cash rate again in July, which the bond market says has an 83 per cent chance of happening, the days of a 5 per cent savings rate could be behind us. 'If the RBA wields its knife again in July or August, savings rates starting with a 5 won't last beyond winter,' she said. 'Term deposit rates are, unsurprisingly, falling faster than at-call savings rates, as banks continue to bake in further cash rate cuts into the fixed rate term. 'If you're someone who likes the certainty and security a term deposit can bring, time is of the essence as these rates are likely to keep on falling in the weeks ahead.'