Gippsland Lakes Commercial Fishing Adjustment Program

The Victorian Government (through the Rural Assistance Commissioner and Victorian Fisheries Authority) has established the Gippsland Lakes Commercial Fishing Adjustment Program to provide compensation to Gippsland Lakes Fishery Access Licence (GLFAL) holders for the cancellation of their fishing licences.

Approach to compensation

Individual compensation packages for licence surrender will be calculated at the start of the buy-out process and licence holders will be provided with a compensation statement detailing their individual compensation payments. Licence holders will have a specified period to nominate when they will exit this fishery during the two-year period, electing to surrender their licence by 1 April 2020 or 1 April 2021.

Compensation packages

Compensation packages for GLFAL holders will consist of the following components:

Compensation for the cancellation of the GLFAL based on a market valuation of $371,000;
An allowance of $60,000 for the reduction in value of commercial fishing equipment following the prohibition of commercial fishing (noting that vessels and equipment continue to be the property of the licence holder); and
an amount to provide compensation for loss of income based on three times the average annual catch value taken under the licence over the five-year period from 1 April 2012 to 31 March 2017 inclusive, utilising average fish species prices as provided in Schedule 5 of the Marine and Fisheries Legislation Amendment Act 2019.

Compensation packages will be reduced by 20% for licence holders staying in the fishery until 1 April 2021.

Election to surrender licence

An election process will be held during which all holders of a GLFAL may elect to surrender their licence before 1 April 2020 and receive their individual compensation package.

The election period opens on 2 January 2020 and closes on 11 February 2020.

Further information and application forms

Licence Holders with questions during the program election period are encouraged to read the Information Booklet and Frequently Asked Questions available at ruralfinance.com.au. For further information please contact Gaelle Broad, Program Administrator at Rural Finance on 1800 260 425 or email .(JavaScript must be enabled to view this email address).

To facilitate compensation payments under the program, licence holders are invited to return their Election to Surrender Licence forms and Payment Nomination form before 11 February 2020 to:

Gaelle Broad

Program Administrator

Gippsland Lakes Commercial Fishing Adjustment Program

Rural Finance

PO BOX 1313, Bendigo Central, 3552

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Gippsland Lakes Commercial Fishing Adjustment Program