Australian fisheries economic indicators report 2015: financial and economic performance of the Northern Prawn Fishery

Overview
This report presents results of the 2015 Northern Prawn Fishery survey, comprising survey based estimates of financial and economic performance for the 2012-13 and 2013-14 financial years, as well as non-survey based estimates of economic performance for the fishery in the 2014-15 financial year. Other indicators presented in the report include the total factor productivity index, input costs and ouput prices and management costs.

The Australian fisheries economic indicators report expands on and takes the place of the former Australian fisheries surveys report. The information and analysis contained in these reports are accessed by policy makers, managers, researchers and industry. Alongside the usual detailed information about the financial performance of the average vessel and the overall economic performance of the fishery, this report also provides analysis of additional economic indicators for the Commonwealth Northern Prawn Fishery. The construction of these indicators draw upon the data collected through the fisheries survey program. Together with the financial and economic performance information, these indicators help to form a comprehensive picture of the economic performance of the Northern Prawn Fishery over a number of years.

Key Issues
• The report has found that profit at full equity, a profit indicator that assumes that all assets are fully owned by operators, increased for the average boat in the fishery between 2012-13 and 2013-14, from $239 066 to $382 939. • Net economic returns (NER) for the fishery rose from $5.2 million in 2012-13 to $12.3 million in 2013-14. The increase in NER from 2012-13 to 2013-14 was primarily driven by faster growth in fishing income than in fishing costs. The growth in fishing income was driven by increased landings of tiger prawns and banana prawns offsetting slightly lower beach prices for each. • The report indicates that total factor productivity (TFP) improved from 2004-05 to 2013-14. A strong relationship is evident between TFP and landed banana prawn catch, which is in turn largely dependent on seasonal conditions. Improved productivity also reflects the targeting of maximum economic yield (MEY) in the tiger prawn component of the fishery from 2004-05, effort reduction targets by management and the structural adjustment package (completed 2006-07) removing excess capital in the industry.