Longer aquaculture leases to boost investment and jobs in Port Macquarie- Hastings LGA

Longer aquaculture leases to boost investment and jobs in Port Macquarie-Hastings LGA

Member for Port Macquarie, Robert Dwyer has welcomed proposed NSW Government reforms that will double the term of aquaculture leases in the Port Macquarie-Hastings local government area from 15 to 30 years.

The reforms are designed to strengthen NSW’s aquaculture industry by providing businesses with greater certainty to invest, increase productivity, create jobs and plan for the future.

Mr Dwyer said aquaculture was an important contributor to the local economy and welcomed measures that would support the industry’s long-term growth.

“Aquaculture is an important industry for our local economy, supporting local jobs, businesses and regional communities,” Mr Dwyer said.

“Giving operators greater certainty through longer-term leases will help them invest in their businesses, upgrade infrastructure and plan for sustainable growth.”

Under proposed amendments to the Fisheries Management Act 1994, aquaculture lease terms will increase from 15 to 30 years.

The reforms will benefit 235 oyster aquaculture businesses operating 2,421 leases across 18 local government areas along the NSW coast. The Mid North Coast has the largest number of leases, followed by Bega, Eurobodalla, Port Stephens, Port Macquarie-Hastings, the Central Coast and Shoalhaven.

The longer lease terms respond to long-standing calls from industry for greater certainty and will make it easier for operators to engage with financial institutions and secure investment for business expansion, infrastructure improvements and productivity enhancements.

Shorter lease terms have historically created barriers to accessing finance and constrained the ability of businesses to plan and invest for the long term.

Mr Dwyer said the reforms were a practical step towards achieving the NSW Government and industry’s shared Aquaculture Vision to double the sector’s farm-gate value to $300 million by 2030.

“These reforms make sense because modern aquaculture infrastructure is built to last well beyond the current 15 year lease period,” Mr Dwyer said.

“Extending leases to 30 years will provide the certainty operators need to invest, innovate and grow, delivering benefits for businesses, workers and the broader local economy.”

The Bill before the NSW Parliament will also introduce stronger penalties to deter the theft of aquaculture stock and infrastructure, an ongoing issue for operators that undermines legitimate businesses.

Maximum penalties will increase to up to $22,000 for an individual for a first offence, and up to $44,000 for repeat offenders.

The proposed reforms represent a significant step towards creating a stronger, more productive and sustainable aquaculture industry across regional NSW.

 

Media Contact: Terry Sara 6584 0977 or 0409 834 648