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Australia lobster 'nationalization' labeled 'third world'

Australian polticians up in arms over government plans for the country's most valuable fishery.

Western Australia's opposition leader has likened a controversial state government plan to own a slice of the local rock lobster industry to policymaking in "the third world," reports Beaudessert Times.

The government has proposed it take a 17.3 percent stake in Australia's most valuable fishery while increasing annual commercial catch limits from 6,000 to 8,000 metric tons.

The plan will keep back 1,350 metric tons for the state to lease to the private sector for additional revenue.

Amid angry reactions from industry, Liberal leader Mike Nahan said the policy was, "like something you'd see in a third world country, nationalizing assets."

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