The QMS provides a number of conservation and economic benefits to ensure sustainable management of New Zealand fisheries. Conservation of fish stocks is enabled by limiting the annual catch from each fish stock based on the best independent scientific information. The annual TACC review process allows managers to take into account the most recent stock assessment information, information on fisheries recruitment or changes that may develop between the population sizes of various species as well as information on the economic and social aspects of proposed management options. Industry and other interested parties have an active involvement in these stock assessment and management reviews. There is a resulting high level of "buy-in" to the outcomes and of compliance within the fishery to the management controls.

Economic Benefits

Economically the QMS encourages better utilisation of catch by eliminating wasteful practices in both catching and processing as operators seek to maximise returns on their quota holdings by adding value to the resulting products. The ownership of quota provides quota holders with long-term security and confidence when investing in new vessels, plant and equipment or additional catching rights. As the "hunting" factor has been replaced by a farming approach, this has encouraged the fishing industry to become increasingly active in all aspects of fisheries management. As the QMS has developed over the past 22 years, competition between operators has been replaced with co-operation and elements of over capitalisation and duplication have been reduced.

Management Principles

The principles of the New Zealand Quota Management System are relatively simple:

• The TACC system = the long term sustainability of fish stocks;
• Quota ownership in perpetuity = security and confidence in the fishery and reinvestment in added value opportunities;
• Transferability of quota = flexibility in planning and operations; and
• Annual levy for research = encourages industry involvement in research and in management.

Dynamics

The above four principles combine to bring about a high degree of care, concern and commitment on the part of all those involved. It is very much in both the Government's and the quota holders' financial interests to ensure that fish stocks remain healthy and sustainable in the long term. However, although the quota holders have a very direct interest and contribute a great deal of data and information to the TACC stock assessment process, they do not make the decisions. The Government (through the Minister of Fisheries) sets all of the TACCs and other management measures.