East Gippsland fishers have welcomed a new regime for octopus fishing, following the creation of 11 tradable licences and catch quotas.
A cap of 68 tonnes of octopus has been imposed on the industry, with an expected value of $1 million each year.
Previously, fishers were operating under non-transferable ocean access permits.
For Lakes Entrance fisher Tony Pollard, that meant his business would have ended with him.
He said transferable quotas meant he could pass the operation to his son.
"I haven't got a lot of years left because fishing is quite physically demanding, so it gives me the opportunity to pass the business on to my son and hopefully onto his son," he said.
No risk of overfishing
Fishing Minister Melissa Horne said the continuity provided by the new licences would allow for more investment in the industry.
"We're providing much-needed security for commercial operators while ensuring this fishery is managed sustainably," she said.
Mr Pollard said the quotas ensured there was no risk of overfishing.
"The pale octopuses have only got a lifespan of about 12 to 18 months max, and they're very prolific breeders in the right conditions."
He said his traps used no bait — the pots drop onto the seabed where the octopuses then make their homes.
"There's no bycatch whatsoever, what we're targeting is what we catch.
"It doesn't interfere with the bottom in any way, we just lay them on the bottom and pull them up; there's no dragging it through the seagrass."
