Since the 1980s there has been a significant rise in the number of fisheries being managed by an annual Total Allowable Catch (TAC), often split among individual fishers as “Individual Transferable Catch Quotas” (ITQs). Australia is acknowledged as a world leader in this initiative and a number of fisheries, in both State and Commonwealth jurisdictions, are managed using ITQs.
Despite many documented successes for ITQ managed fisheries, a number of recent studies have raised concerns about the efficacy of management schemes based on ITQs. Multi-species fisheries with multiple gear types (and sometimes under multiple jurisdictions) are especially difficult. Unexpected and undesirable social outcomes have also been reported for some fisheries as a result of the implementation of ITQs.
The success of ITQ-based schemes in achieving management objectives was reviewed for a number of Australian fisheries, including the complex South East Fishery. The results show a wide range of outcomes, suggesting that ITQs are not the panacea for management of all types of fisheries. Alternative management approaches involving the collection of adequate biological data and the robust application of standard fishery management practices are suggested. The challenge will be to resist the pervasive economic justification for ITQ management.