Buying out Australian fisheries to prevent overfishing

"The Australian Fisheries Management Authority will buy back vessel permits in the south-east trawl fishery, which is the largest commonwealth-managed fin fish fishery in Australia. It is the first time the authority has said it will conduct a buyout because of climate change and environmental factors, which are preventing the recovery of some populations . . . Very low catch limits for species such as redfish had been aimed at enabling stocks to rebuild but these 'do not appear to be recovering as anticipated,' said a spokesperson for the authority . . . 'It is now clear that limiting the catch of some species has not enabled them to rebuild or is not slowing their rate of decline . . . and that other factors [such as climate change] are impacting fish stocks within the south-east trawl fishery,' the spokesperson said."