Fishermen panic buy shares at inflated prices as government confirms reform agenda

Fishermen in New South Wales are reported to be panic buying shares at massively increased prices to ensure they can continue working next year. That is despite a state government trading scheme starting in early 2017 designed to ensure an orderly transition to a share-based fishery, backed by $16 million in compensation to ease the cost to fishermen. Ticia Limon from Narooma on the state’s south coast said share prices in the Line West fishery had risen more than 300 per cent in the last few months. She bought them to ensure she and her husband could meet new minimum share holding requirements set by the government to continue fishing. NSW Minister for Primary Industry, Niall Blair, has ruled out stopping the reform process in the commercial fishing industry. Key fishing groups including the Professional Fishermen’s Association, the Wild Caught Fishers Coalition and most of the cooperatives have opposed the reforms. Read the story here 08:59