Estimating economic based target reference points for key species in multispecies multi-métier fisheries

Consideration of economic outcomes is commonplace in most fisheries management systems globally, although only a few jurisdictions have adopted an economic objective as the primary target for fisheries management. Such an objective has been adopted for Australia’s federally managed fisheries, with maximum economic yield (MEY) identified as the primary management objective. Correspondingly, target reference points defined in terms of biomass (i.e., BMEY) are used in harvest control rules. In the absence of explicit BMEY estimates, proxy estimates based on maximum sustainable yield (i.e., BMSY) are used. Identifying BMEY in multispecies fisheries is complicated as most stock assessments are undertaken at the individual species level, but economic activity occurs across species. This is further complicated when different fishing activities using different fishing gears and targeting practices (i.e., métiers) are present in a fishery. We employ an age-structured bioeconomic model to estimate BMEY for key species in a multispecies, multi-métier fishery. We find that optimal biomass levels are substantially higher than those assumed under the current proxy-based system, and that the economic targets are sensitive to prices and fishing costs, both of which change over time.