The review and assessment of existing valuation methods for commercial fishing licenses aims to provide several benefits. The project seeks to improve the understanding of valuation methods for fishery access rights, specifically for Western Australia's small-scale fisheries. By examining relevant literature and consulting with government and fishery stakeholders, the project will assess different valuation approaches, considering their advantages, disadvantages, and appropriateness for various circumstances. The outcome will be the identification of the most suitable valuation methods for future compensation schemes, with a focus on small-scale fisheries. This will provide guidance for legislation, policies, and processes, ensuring that compensation accurately reflects the value of fishery access rights and enhances resource security while building industry confidence and certainty.