Three species in Australia's northern prawn fishery (Penaeus semisulcatus, P. esculentus, and Metapenaeus endeavouri) are assessed using a size-structured population model that operates on a weekly time-step. The parameters of this multispecies population model are estimated using data on catches, catch rates, length frequency data from surveys and the fishery, and tag release-recapture data. The model allows for the technical interaction among the three species. The results from the multispecies stock assessment are used to calculate the time-series of catches and levels of fishing effort that maximize net present value. The bioeconomic model takes into account costs which are proportional to catches and those which are proportional to fishing effort, as well as fixed costs. The sensitivity of the results is examined by changing the assumptions regarding the values for the economic parameters of the bioeconomic model as well as those on which the assessment are based. The results suggest that fishing effort needs to be reduced in the short term to achieve economic goals, although most stocks are estimated currently to be above the stock size corresponding to maximum sustainable yield. Short-term catches and effort levels are sensitive to model assumptions, and in particular, to trends in prices and costs.