Australia on Wednesday announced it will formally protect the southern bluefin tuna by listing it as a threatened species.

According to Federal Environment Minister Tony Burke, the species has been categorized as "conservation dependent."

"The species has declined in the past," Burke said in a statement. "While ongoing improvements in management measures are helping to stabilize the population, the breeding population is still considered to be less than eight percent of unfished levels. "

Burke said a fishing ban in Australian waters would not necessarily reduce the global bluefin catch, because it is a highly migratory fish.

Therefore, the listing would not restrict fishing or burden the fishing industry with regulation. However, the government and fisherman will have to establish a plan of management to stop its decline and support its long-term recovery.

Burke stressed that only global management could help the migratory species recover.

Australia is one of the countries in the Commission for the Conservation of Southern Bluefin Tuna.

The commission has determined to reduce the global southern bluefin tuna catch by 20 percent over 2010 and 2011 seasons.