The Western Australian (WA) government has announced a plan on Monday to double the value of its lucrative rock lobster industry.
The proposal aims to boost commercial catch from 6,300 tonnes to 8,000 tonnes per year, with the additional revenue from the extra catch increasing local lobster supplies.
In order to achieve this, new "fishing units" will be created and managed by the government.
"This innovative plan will reap huge rewards for the industry and the broader Western Australian community," Fisheries Minister Dave Kelly said in a statement.
"It has the potential to create up to 500 WA jobs (many in regional areas), double the value of the industry and significantly increase the supply of lobsters into the local market."
"It aligns with the Western Rock Lobster Council's vision to grow the industry's gross value of production to more than 1 billion Australian dollars (721 million U.S. dollars) by 2028 and to help build a professional and resilient industry."
According to Kelly, the plan will also include the creation of the so-called Asia Pacific's first-ever international lobster festival.
"We want to... create a unique festival that draws in tourists and gives Western Australians the opportunity to taste our delicious lobster," he explained.
"We are very pleased to be working alongside this dynamic industry to manage our world-class lobster fishery, and ensure future economic contribution of this community resource flows back to Western Australians."
The details of the industry development proposal are now set to go out for public consultations.