Australian fisheries economic indicators report 2013: financial and economic performance of the Torres Strait Prawn Fishery, results for 2010-11 and 2011-12

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 Torres Strait Prawn Fishery (TSPF). 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 Torres Strait Prawn Fishery over a number of years.

This report presents results of the 2013 Torres Strait Prawn Fishery survey, comprising survey based estimates of financial and economic performance for the 2010-11 and 2011-12 financial years, as well as non-survey based estimates of economic performance for the fishery in the 2012-13 financial year. Other indicators presented in the report include the productivity index, input costs and output prices and management costs.

Financial performance
• Profit at full equity - an estimate of profits based on all assets being fully owned by operators - was negative for the average vessel in the fishery in 2010-11 and 2011-12, at -$89 491 and -$87 366 respectively. • The change in profit at full equity was primarily attributed to higher cash receipts, which in turn led to higher vessel cash income and higher profit at full equity.

Economic performance
• The net economic returns (including management costs) remained negative at -$2.1 million in 2010-11 and -$2.7 million in 2011-12. • In 2012-13 preliminary net economic returns were estimated at -$2.3 million using non-survey based methods. • The negative net economic returns from the Torres Strait Prawn Fishery is mainly attributed to the high costs associated with operating in a remote fishery.