Australian fishers and seafood producers have reeled in a whopping $3.63 billion, blowing the previous year's catch out of the water by eight per cent.
The aquaculture sector - which farms fish, shellfish and aquatic plants - drove most of the growth. Salmon, tuna and abalone were among the most lucrative products.
At the other end of the scale, tuna and rock lobster prices are expected to plunge this year.
The overall value of Australian fisheries and aquaculture production is expected to remain stable for the next 12 months before the tide turns in the medium term.
Jared Greenville from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said the total value was forecast to sink by 0.7 per cent within the next five years.
"This reflects lower projected real prices for seafood producers and an easing of growth in the volume of Australia's aquaculture salmonids production," he said.
