THE State Government has set aside $9 million to buy back up to half of the State's commercial fishing licences.
Fisheries Minister John McVeigh has invited commercial fishermen to consider selling their fishing licences as part of the East Coast Commercial Net Fishing Reduction Scheme.
He said the Queensland Rural Adjustment Authority would provide the terms of the offer and information about the scheme.
The first invitation for offers will focus on primary commercial fishing boat licences endorsed with N1 or N2 fishery symbols - these symbols authorise the use of commercial nets in Queensland's East Coast Inshore Fin Fish Fishery.
"Industry has asked for a 50% reduction of net licences - we'll work towards this target.
"We know what licences are currently trading for, so we'll be able to ensure offers are assessed based on the current market value to make sure only reasonable offers are accepted."
Mr McVeigh said the voluntary, competitive tender process would ensure the fairest and best outcome across the fishery, rather than targeting specific areas and individuals.
The buyback scheme will run from November 26, 2012, to January 11, 2013.
For further information, visit www.qraa.qld.gov.au or call QRAA on Freecall 1800 623 946.
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