Effects of re-specifying the Northern Prawn Fishery bioeconomic model to include banana prawns

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The Northern Prawn Fishery (NPF) is one of Australia’s most valuable federally managed fisheries. It has also been a focus for modelling in Australia, with over 40 years of development of bioeconomic, stock assessment and management strategy evaluation models that have been used to varying degrees to inform management. The current management model has been in operation for over 10 years and is used to set the total allowable effort (TAE) for the tiger prawn (Penaeus semisulcatus and P. esculentus) component of the fishery, historically undertaken after a mid-year closure. The success of management has resulted in increased stocks of tiger prawns, and a fishery before the mid-year closure during which fishing for banana prawns was historically the main activity. While the current management model includes the consequences of fishing for tiger prawns during the first season in terms of which weeks are available for fishing for tiger prawns when estimating the TAE, the lack of explicit inclusion of banana prawns in the bioeconomic modelling has resulted in concerns that the TAE may be biased, as effort is allocated in the model to tiger prawns that, in reality, should be applied to banana prawns. The current model was consequently extended to include an explicit banana prawn component, and a range of scenarios undertaken to explore the impact of this on the management advice. It was found that the current model overestimates the optimal level of effort to be applied to tiger prawns except during periods of very low banana prawn abundance. Banana prawns, which vary substantially inter-annually due largely to environmental drivers, were also found to be the key driver of the level of overall fishery profit, suggesting that greater attention to this component of the fishery may be necessary to achieve the objective of maximizing net economic returns from the NPF.