Ecologically sustainable fishing in theory and practice: individual transferable quotas in Australia's South East Fishery

In 1988, responding to international legislation that requires sustainable fishery management, the Australian Fishery Management Authority (AFMA) impl emented an individual transferable quota (ITQ) management system to address the environmental crisis in the South East Fishery. Defining sustainabilit y in its broadest context to include social as well as economic and ecologi cal dimensions, this paper firstly describes the environmental crisis and t he South East Fishery's ITQ management system. Secondly, Christy's (1973) p aper is employed as a catalyst to compare the theoretical socio-economic ou tcomes with the actual operation of ITQs. The brief South East Fishery expe rience suggests that the logic behind ITQs is correct. Production has becom e reorganised. Operators are not only fewer, but also embrace professionali sm, quality, efficiency, and the operation of the free market within the in dustry. However, because of the local idiosyncrasies of this multi-species fishery, the legislation over territorial waters, and the absence of altern ative employment, fishers have adopted non-quota fishing techniques and ent ered seas under New South Wales jurisdiction. Without a social re-adjustmen t policy or buy-out scheme, the AFMA's objective of ecologically sustainabl e development cannot be attained.