South Australia's aquaculture sector is set to benefit from extensions to aquaculture lease terms following the passage of changes to the Aquaculture Act 2001 through parliament last night.
Minister for Primary Industries and Regional Development Tim Whetstone said with the reform the Marshall Liberal Government has delivered on its election commitment to strengthen the aquaculture sector.
"At the last election we committed to the state's aquaculture farmers we would increase the maximum term for an aquaculture production lease from 20 to 30 years," said Minister Whetstone.
"The extension to aquaculture lease terms will make aquaculture leases more attractive for financial institutions and provide current lease holders an opportunity to borrow against their leases in an effort to unlock the huge potential that exists within this industry.
"Once these new measures come into effect, current holders of production leases will have an opportunity to apply for an extension of the terms of their leases to a term not exceeding 30 years from the day their lease was granted or renewed.
Minister Whetstone said as part of the latest amendments written notification of the intention to cancel a lease must now also be provided to a third party, if they have been formally noted on the public register.
"These new third-party notification arrangements will provide an opportunity for investors to work with lease holders to explore options towards avoiding cancellation," said Minister Whetstone.
"These latest changes to the Aquaculture Act are the result of concerted and extensive engagement and collaboration with the aquaculture sector and are part of our agenda to grow the state's economy."
