Despite years of steady growth since 2002, annual growth for the Australian aquaculture sector plateaued in recent years to just over $1 billion.
A parliamentary inquiry into Australian aquaculture will now probe why the sector’s annual worth has flattened.
The inquiry will be led by the eight-member House Agriculture and Water Resources Committee and chaired by Liberal MP Rick Wilson.
In a statement released today, Mr Wilson said the committee would look at ways to improve growth in Australia’s aquaculture sector, including the ability of enterprise to access capital and investment.
“Australia has a well-deserved reputation for producing high quality, sustainable seafood, with aquaculture products accounting for over 40% of Australian seafood production in terms of value,” he said.
According to Mr Wilson, Australian aquaculture is competitively positioned to access high value domestic and overseas markets. This demand is driven by Australia’s internationally recognised seafood quality and standards and “increasing consumer demand for Australian native species”, he said.
The inquiry terms of reference will also cover opportunities to improve regulatory frameworks that govern aquaculture activities in Australia; and the accessibility for businesses to commercialise aquaculture innovations.
The committee is accepting submissions until Friday 14 May.