There is new hope for the critically endangered southern bluefin tuna, with a crucial meeting voting to adopt a new management plan to allow the lucrative species to replenish.

Since industrial fishing began in the 1940s, the southern bluefin tuna spawning stock has plunged to just 5 per cent.

On Thursday evening at an annual meeting in Bali, the Commission for the Conservation of Southern Bluefin Tuna (CCSBT) decided to act.

Delegates voted to adopt a new management plan to allow stocks to replenish.

The plan involves an increase in fishing quotas for the tuna, which is highly prized for its meat.

The ABC understands the member nations have decided to commit to rebuild tuna stocks to 20 per cent of the original spawning stock biomass by 2035.

Joyce Wu, a senior program officer with wildlife trade group TRAFFIC International, has welcomed the decision.

"I think this is the right approach and first step to the approach," she said.

"CCSBT is to be congratulated for taking their responsibility seriously and becoming the first of the five tuna regional fisheries management organisations to adopt comprehensive procedures for deciding on the levels of catch for a tuna species."

The CCSBT has decided that the total allowable catch for southern blue will increase by 1,000 metric tonnes next year.

It will increase by 3,000 metric tonnes over three years.

Based in science

Australia has the largest quota, and it has increased by 12 per cent to 4,528 metric tonnes next year.

However the local increase will not reach pre-2009 catch levels of 5,265 metric tonnes in three years.

Regardless, the Australian tuna fishing industry is celebrating.

Spokesman Brian Jeffriess says the result is very positive and based on sound science.

"The Australian industry has long argued that the quota should not have been reduced in 2009," he said.

"The CCSBT decision to reverse the 2009 cut is recognition that the SBT stock is much stronger than assumed before.

"The scientific models all predict further substantial quota increases of 20-30 per cent in each of 2015 and 2018.

"The key point is that we should all be celebrating the strong stock, and working to ensure it will be managed effectively in the future."

Ms Wu, who attended the Bali meeting, says the targets are feasible.

"Based on the information we can get now it is quite feasible," she said.

"People from the compliance committee they are really serious about the issue. I think the goal is feasible and reachable."

But other environmental groups had wanted the southern bluefin tuna fishing industry halted.

"We would like to see the most precautionary management procedure possible," Nathanial Pelle from Greenpeace Australia said.

"That would mean that the science around that procedure would be designed to return southern bluefin tuna to what we would call a safe level so it can begin to rebuild its population in a shorter time as possible with the greatest probability of success."

For now the struggling species has a plan.