Industry set for compo

A COMPENSATION package totalling $100 million will be available from the Federal Government to the fishing industry affected by the declaration of Australia's new marine park.

But the funds announced yesterday are not enough, Commonwealth FisheriesAssociation Brian Jeffriess has declared.

Environment Minister Tony Burke announced the creation of a national marine reserve system, including the creation of a marine park over the Coral Sea east of Queensland.

Final maps for the plan were released, before Minister Burke later announced the funds available to industry to help it adjust to the loss of fishing grounds.

Mr Jeffriess said the amount the industry would probably need was closer to between $250 and $300 million.

This was about the same amount given to the industry and fishing communities when the Great Barrier Reef Marine Park was created.

See Monday's Observer for more.