This is the annual report (2003-2004) of the Reef Fish Aquaculture R&D Project, based at the Northern Fisheries Centre, Cairns. The project provides a core platform for a suite of R&D projects addressing the feasibility of aquaculture technologies for high-value marine finfish species. This report outlines progress on the three core components of the programme, namely:

• Broodstock management and captive spawning: Research has focussed on reproduction and spawning of three species held at NFC: flowery cod Epinephelus fuscoguttatus, estuary cod E. coioides and barramundi cod Cromileptes altivelis.
• Live prey production and research: The project has focussed on improving the nutritional value of rotifers, reducing scale-up time and increasing production of rotifers (including super-small strain), and increasing production of copepods.
• Larval rearing and grow-out: Research has focussed on improving the survival and consistency of cohorts, nutrition and environmental factors.