Fisheries accounts, a summary of current
work in New Zealand and Australia
Paper for 12th Meeting of the London group on
Environmental Accounting Rome, 17-19 December 2007
Jane Harkness and David Bain
Presentation
Jane Harkness – Statistics New Zealand
Peter Comisari – Australian Bureau of Statistics
Fish Monetary Stock Account
New Zealand
Jane Harkness
Overview
• Background
– Fish Monetary Stock Account
– Quota Management System QMS
• Data and Methods
– Issues
• Results
• Questions
Overview
• Asset value of New Zealand’s
commercial fish resource
Exclusions
•
•
•
•
Recreational catch
Customary fishing
Aquaculture
Non QMS species
The Quota Management System
• Began in 1986
– In 1986 the QMS managed 27 species
– In 2006 the QMS managed 94 species
• Theoretical benefits of the system
– Sustainable use of resources
– Economic efficiency
The Fisheries Management Areas
• Species are
managed in Quota
Management Areas
• 10 Fisheries
Management Areas
FMAs
hoki HOK has one QMA
cardinal fish CDL has 10
Quota Management Areas
Snapper
QMA TACC
SNA1 4500
SNA2
315
SNA3
32
SNA7
200
SNA8 1300
Total
6347
Management Mechanisms
• Quota representing shares for a species
in a Quota Management Area
• Total Allowable Commercial Catch
TACC is set annually
• The Quota holding generates an Annual
Catch Entitlement ACE (after 2001)
Quota shares, TACC and ACE
JMA7 has 100 million quota shares.
▼
J Fisher owns 10,000 quota shares or 0.01 percent of
the JMA7 fish stock.
▼
On 1 October, J Fisher’s shares generate ACE.
▼
The TACC for JMA7 is set at 32,000 tonnes, therefore 1
share = 0.32kg.
▼
J Fisher’s 10,000 quota shares generate 3,200kg of
ACE.
▼
J Fisher can catch, or sell the right to harvest, 3.2
tonnes of JMA7 in that year.
Data & Methods
Data components
– Quota
– ACE – Annual Catch Entitlement
– TACC – Total Allowable Commercial Catch
– Catch statistics
Data & Methods
• Ministry of Fisheries administer the
QMS and assist in interpretation of data
• Data supply
– Supplied by FishServe
– Trades of Quota and ACE must be
registered
– TACC also supplied
Initial Methodology:
Fish Monetary Stock Account 1996-2003
• Asset value = Quota x TACC
• Missing values could be modelled
• Modelled values < 5% of valuation
Declining number of Quota trades
Quota and Ace values for Snapper
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Quota 99558 102927 72211 66771 80783 96198 105222 117954 113293 102243 82207
SNA1
ACE
NA
NA
NA
NA
NA
NA 7941 7603 7088 5533 7203
SNA2 Quota 86423 47214 59025 70148 66309 50241
ACE
NA
NA
NA
NA
NA
NA
SNA3
Quota
ACE
- 3742 2300 5980 2999 2300
NA
NA
NA
NA
NA
NA
- 89517
5924
- 82800
-
8011
7453
5423
5884
- 2848
-
221
-
-
2055
2446
2395
643
19
SNA7 Quota 90707 16118 19060 35691 12022 41400 40595 47265
ACE
NA
NA
NA
NA
NA
NA 1489 839
SNA8 Quota 90569 67970 64294 66505 47546 78839 100004 77648
ACE
NA
NA
NA
NA
NA
NA 4493 5497
Note: values are for demonstration only
6535
- 96034
6042
6150
Change in Methodology:
Fish Monetary Stock Account 1996-2006
• Previously Quota x TACC
• Decreasing Quota trades → Increase in
modelling
• Now ACE trades used as approximation of
resource rent RR
• Quota x TACC + NPV
• Assumptions
Net Present Value
p tQ t
Vt 
r
• Where
–
–
–
–
Vt value of the asset at time t
pt unit rent price of fish at time t
Qt quantity of fish catch during time t
r the discount rate
Illustration of results
Species
Quota
m anagem ent
area
Year
Valuation
Quota
ACE
derived
Source of
transfer transfer
from
Discount
final
value per value per
TACC discounted
rate
valuation
tonne
tonne
ACE values
figures
(NZ$)
(NZ$)
(NZ$
m illions)
Final
valuation
(NZ$
m illions)
Hoki
HOK1
1996
2674
..
240000
quota values
642
Hoki
HOK1
1997
2224
..
250000
quota values
556
Hoki
HOK1
1998
1590
..
250000
quota values
398
Hoki
HOK1
1999
2321
..
250000
quota values
580
Hoki
HOK1
2000
2047
..
250000
quota values
512
Hoki
HOK1
2001
3891
..
250000
quota values
973
Hoki
HOK1
2002
3499
331
0.09 200000
735 quota values
700
Hoki
HOK1
2003
4076
337
0.09 200000
749 quota values
815
Hoki
HOK1
2004
..
348
0.09 180000
695
ACE values
695
Hoki
HOK1
2005
..
487
0.09 100000
541
ACE values
541
Hoki
HOK1
2006
6268
525
0.09 100000
583 quota values
627
Sym bol:
.. not available
Issues
• Choice of discount rate
• Reliability of price information
• Comparability of alternate methods for
estimating resource rent
Results
Total Asset Value of New Zealand’s Commercial Fish Resource
1996 – 2006 September Years
4,500
$million
Tonnes 900,000
4,000
800,000
3,500
700,000
3,000
600,000
2,500
500,000
2,000
400,000
1,500
300,000
1,000
200,000
500
100,000
0
0
1996
1997
1998
1999
2000
2001
Total asset value
2002
2003
Total TACC
2004
2005
2006
Results by species
New Zealand’s Commercial Fish Resource
1996-2006 September years
(NZ$ million)
Species
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Hoki
642
556
398
580
512
973
700
815
695
541
627
Rock lobster
368
376
407
374
465
447
591
689
644
585
612
Paua
143
195
208
193
255
245
260
328
355
379
366
Arrow squid
167
140
76
136
132
81
52
103
240
138
298
Orange roughy
233
262
194
208
197
157
237
225
324
300
277
All other species 1188 1197 1002 1109 1081 1195 1346 1441 1607 1788 1646
Total
2740 2726 2285 2600 2641 3097 3185 3601 3866 3730 3825
Future developments
• Account will be produced regularly
• Feasibility of publication at QMA rather
than species level
• Data consistency
Fish Accounts
Peter Comisari
London Group Meeting,
December 2007
Fish Accounts: relevant
standards
• 1993 SNA
• SEEA - SEEAF
1993 SNA
• SNA Fish resources fall into 2
categories:
– non-financial produced assets
(aquaculture)
– non-financial, non-produced, tangible
assets (wild fish stocks)
SNA Fish resources
• Aquaculture
– fish treated as inventories (for
harvest) or produced assets (for
breeding)
– value of natural growth treated as an
addition to economic output, as it
occurs
• growth may occur over a number of
accounting periods
SNA Fish resources
• Wild fish stocks
– only includes fish stock where
ownership rights established/enforced
– ownership of certain straddling or
migratory fish stocks not enforced
• excluded from SNA assets
– fish must be capable of bringing
economic benefits
SNA Fish resources
• Range of potential production uses:
– commercial wild-fish catch
– commercial aquaculture
– ornamental fish collection
– recreational fishing
– traditional/customary fishing
– ‘ecotourism’
• In practice, measure only
production and stocks of
aquaculture and wild-fish catch
Draft SNA93rev.1 Fish
resources
• Extends scope to fish stocks on the
high sea subject to international
agreement on how much individual
countries can catch
– include only those stocks currently
exploited, or likely to be exploited in
near future
SEEA
• Takes a broader view of measuring
fish than SNA
– ‘all measureable environmental
entities of interest’
– no need to be ‘economic’ or owned
– in practice, tends to cover same
stocks as SNA
SEEA - fish
• Fish are ‘aquatic resources’, part of
‘biological resources’
• Aquatic resources
– Cultivated (SNA ‘produced’)
• for harvest
• for breeding
– Non-cultivated (SNA ‘non-produced’)
SEEA – costs of depletion etc.
• SEEA allows costs of depletion and
degradation to be incorporated into
measures of production and income
• SNA measures these effects in the
Other changes in volume of assets
account
Valuing fish depletion
Depletion of a renewable resource?
Propose:
 value of net natural growth is output
 stock value decline due to harvest is
depletion (CONC)
 adjusted measures of output, income
etc.
Aim: to better indicate sustainability of
income stream derived from fishing
Valuing fish depletion
using SNA accounts as a template
ƒ value of net natural growth recorded as 'other
non-market output' in the Production account
ƒ value of harvest recorded as 'consumption of
natural capital‘ (depletion) in Production account
ƒ 'excess' position represents an addition to (or
subtraction from) value added
ƒ operating surplus & saving change by 'excess'
amount in income accounts
ƒ additions and ‘disposals’ of non-produced nonfinancial assets recorded in Capital account
ƒ net lending is unchanged